Most Federal Reserve officials see rate cuts coming this year. They are just divided over how many. That is the takeaway from minutes from the central bank’s June meeting, released Wednesday. While some members indicated cuts could happen as soon as July,

Federal Reserve officials diverged at their June meeting about how aggressively they would be willing to cut interest rates, split between concerns over tariff-fueled inflation and signs of labor mark

That’s because there’s no consistent pattern to how the stock market reacts to Fed rate cuts. Sometimes the market will rally in the wake of a cut and sometimes not. Its response is no different than the stock market’s long-term average.