On July 4th, DH Bank senior economist Alvin Liew pointed out that the minutes of the Federal Reserve's June meeting showed that Fed policymakers were concerned about inflation progress slower than their expectations in December last year. Although the minutes showed that Federal Reserve policy makers "emphasized the importance of adjusting future policy decisions based on data to be released, evolving economic prospects, and risk balances", they were not consistent on the time/duration of keeping policy unchanged. It is worth noting that some attendees emphasized the need for patience, while several attendees warned that if inflation continues to remain high or rise further, it may be necessary to raise interest rates. Some attendees expressed concerns about the labor market, warning that further weakness in demand could now trigger larger-scale unemployment. In fact, despite the expected number of interest rate cuts by FOMC members having dropped from three to one, the meeting minutes showed that policymakers' concerns about economic growth and the potentially weakening job market are increasing.