Analysis: The meeting minutes show that the Federal Reserve is divided into three major factions

ChainCatcher news, according to the Federal Reserve's mouthpiece Nick Timiraos, the Fed's meeting minutes reveal some things we already know, with officials divided into three main camps regarding the interest rate path:

· Cut rates this year but exclude July (mainstream camp);

· Keep rates unchanged for the year;

· Advocate for immediate action at the next meeting (the minutes show that only a "minority" of attendees supported this, implying Fed governors Waller and Bowman).