According to online reports, Nick Timiraos, the "sounding board of the Federal Reserve", said that the minutes of the Federal Reserve meeting revealed something we already know. Officials (in terms of the interest rate path) are divided into three main camps: 1. Cut interest rates during the year but exclude July (mainstream camp); 2. Hold firm throughout the year; 3. Advocate immediate action at the next meeting (the minutes showed that only a "few" participants supported it, implying that Fed governors Waller and Bowman). The minutes also noted that "several participants said that the current target range for the federal funds rate may not be much higher than neutral." In other words, unless the economy slows significantly, even if interest rate cuts are restarted, there will be limited room for subsequent interest rate cuts.