Federal Reserve policymakers judged that inflation risks remain tilted to the upside in the near term, according to minutes from the central bank’s June meeting released Wednesday. The discussion suggests officials are still wary of price pressures even as they weigh the path for interest rates.

The minutes indicate a cautious stance inside the Fed as members assessed the outlook for growth, prices and labor market conditions. While the report did not point to a dramatic shift in policy, it shows that inflation remains a central concern for decision-makers.

Markets continue to parse every sign from the Fed for clues about when rate cuts could begin, but the latest minutes reinforce that officials want more evidence that inflation is cooling sustainably. That caution may keep borrowing costs elevated for longer if price data does not improve as expected.

For households and businesses, the message is straightforward: the Fed is still focused on bringing inflation fully under control, and policymakers are not ready to declare victory yet.