Warsh Sat Out the Dot Plot. The FOMC Minutes Drop Wednesday.

The Federal Reserve releases the FOMC minutes from its June 16–17 meeting on Wednesday, July 8 at 2:00 p.m. ET. The committee came out nine to nine on whether to raise rates in 2026. Here is what the minutes will reveal — and why the real-yield mechanism makes them the most important data point for gold holders this week.

The Dot Plot Has 18 Dots. The Chair Withheld His.

The Fed’s June dot plot had 18 projections, not 19. Chair Warsh withheld his. The split is 9-to-9 — not the hawkish mandate markets have priced into gold.