Will the Fed minutes from any remaining 2026 meeting report that multiple participants favored a hike?

The 3.50 to 3.75 percent funds target range and June 2026 SEP median of 3.8 percent with nine of eighteen participants already projecting a higher year end rate signal that the Fed has shifted to a tightening bias under Chair Warsh, making additional hikes likely if inflation remains above target; however, the SEP median itself only implies one modest 25 basis point hike by year end, and the minutes language typically requires an explicit discussion of a hike option rather than just an upward revision in projections. Historical patterns show that once the SEP median moves above the current target range, the minutes of the next two to three meetings almost always record at least one participant favoring a hike, but the probability that multiple participants do so is lower and depends on incoming data.