Today's FOMC minutes will be scrutinized for further insight into policymakers' appetite for additional rate hikes and the thinking behind the Committee's hawkish shift at last month's meeting. The minutes are an account of the June 17th meeting and therefore will not reflect subsequent developments, including the softer-than-expected June nonfarm payrolls report or Chair Warsh's appearance at the ECB's Sintra Forum.Since the last FOMC meeting (June 17th), the dollar has strengthened (on the hawkishness) and gold (and bitcoin) mirrored that with sizable declines. Stocks are flat, bond yields are higher (prices down), and oil remains lower, but accelerating in the last couple of days...The market's expectations for Fed actions this year have surged back near the highs (up from around 20bps pre-Warsh to around 40bps today)...And rather interestingly, the initial dramatic flattening of the yield curve on FOMC day has been entirely erased...As Growth-related macro data has disappointed notably while Inflation-related macro data has remained sticky/high...So with all that said (and with all eyes watching for confirmation of the hawkish bias), what does the FOMC want us to know about Warsh's first meeting in charge...Key Headlines:*FED: ALL OFFICIALS SUPPORTED LEAVING RATES UNCHANGED IN JUNE*FED: A FEW SAW CASE FOR RAISING RATES AT JUNE FOMC MEETING*FED: MOST CITED POSSIBILITY INFLATION COULD STAY HIGH DUE TO AI*FED: MAJORITY SAW RISK HIGH INFLATION MAY AFFECT EXPECTATIONS*FED: MAJORITY SAW ADVANTAGES TO SHORTENING FOMC STATEMENT*FED: 'Several' Officials Saw Policy Stance as No Longer RestrictiveDeveloping...Read the full FOMC Minutes here.