Federal Reserve officials discussed at their June meeting the progress of inflation towards their 2% target. While acknowledging some improvement, they determined that more data is needed to ensure sustainable movement towards their objective. The meeting showed differing opinions among central bankers, with some even considering raising rates if necessary. Ultimately, the Federal Open Market Committee decided to keep rates steady. They updated economic projections and monetary policy for the next few years, with a slight reduction in inflation expectations for this year. Discussions revealed disagreements on how to approach monetary policy, with some advocating for tightening if inflation persists, while others argued for readiness to respond to economic weakness. Overall, officials are waiting for more evidence of sustained inflation progress before considering rate cuts. Chairman Jerome Powell emphasized the importance of data dependency in making such decisions.