Today's FOMC minutes are crucial for understanding policymakers' views on future rate hikes and their recent hawkish shift. The minutes cover the June 17th meeting and will not include later economic data or Fed Chair Warsh's ECB appearance. Last month's meeting, Warsh's first, saw a significant overhaul of the policy statement, removing forward guidance and prioritizing price stability. It remains to be seen if non-voting members also supported these significant changes. Fed Governor Waller previously expressed that while forward guidance can be useful, it can also be too rigid. Traders will also look for discussions regarding Warsh's announced policy reviews across five key areas. The meeting recap shows a hawkish stance was maintained, with rates unchanged but the statement emphasizing price stability. Inflation forecasts were revised higher, and GDP projections for 2026 were modestly trimmed. The Summary of Economic Projections showed a hawkish shift in the dot plot, indicating potential rate hikes. Analysts interpreted the meeting as a clear indication of a focus on inflation risks over labor market concerns. Chair Warsh has since reiterated his commitment to price stability and his preference for interest rates as the primary policy tool. While the minutes predate softer payroll data, markets have already adjusted expectations for a potential rate hike.