CNBC's Eamon Javers joins 'Power Lunch' with the newly released Fed minutes from June.

Washington

Federal Reserve officials, according to minutes from their June meeting, agreed to keep the federal funds rate steady between 4.25% and 4.5%. While all participants supported waiting for more clarity on inflation and economic activity, a minority indicated openness to considering rate cuts as early as the next meeting.

The minutes highlighted ongoing concerns about economic uncertainty, particularly due to evolving tariff policies and their potential to restrain economic activity. Despite these uncertainties, officials noted that economic growth and the labor market remain solid, though inflation is still somewhat elevated. No discussion about the next Fed chair was included in the minutes.

Fed officials see rate cuts coming, but opinions vary on how many

Kelly the Fed minutes from the meeting in June on June 17th show that all participants view the view it as appropriate to maintain the Fed funds rate at four and a quarter to four and a half percent now the committee said it was well positioned to wait for more clarity on the outlook for inflation and economic activity also a couple of participants they say noted that they would be open to considering rate cuts as soon as the next meeting that is July but obviously that's the minority position here participants note downside risks to employment and economic activity due to tariffs have declined since April now remember this is the meeting in June so this took place before the most recent round of letters from President Trump regarding tariffs they also say that uncertainty about the outlook is elevated amid evolving policy developments referring to those tariffs some participants they say noted high uncertainty has a potential to restrain economic activity but economic growth overall is solid the labor market they said is solid the unemployment rate is low inflation has come down although it remains somewhat elevated in the language of the Fed they say several participants see business survey respondents reporting pausing on hiring decisions due to that elevated uncertainty they say international trade flows continue to be volatile amid shifts in US tariffs and they say that increased tariffs are likely to put upward pressure on prices overall here though Kelly the message is waiting for more clarity from the Fed I'm just looking at the market reaction aim and maybe it's a slight lift in stocks 10-year was already well-behaved after that good auction last hour so I did they didn't comment on who the next Fed chair would be I imagine that's not in there no that we were looking we were in the lockup for about a half an hour scouring this document and I didn't see that all right for now amen we appreciate it and we'll continue to watch for a further fallout from that discussion Eamon Javers

Parts of Ukraine were on fire overnight after Russia launched its largest drone attack on Ukraine since the war unfolded more than three years ago. Just hours earlier, President Trump directly called out Vladimir Putin for stalled peace talks. Weijia Jiang reports.

Moscow

Ukraine Invasion

Trump calls out Putin for stalled peace talks

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The search continues in central Texas for the more than 160 people still missing from the deadly floods that hit over the Fourth of July. CBS News reporter Karen Hua has more.

Kerr County

Recovery operations ongoing in Texas as more than 160 still missing

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Global Tariffs

Trump sends tariff letters to six more countries

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Sana'a

Middle East Conflict

Houthi rebels claim responsibility for attack on ship in Red Sea

The European Court of Human Rights in Strasbourg ruled Russia violated international law in Ukraine and was responsible for the downing of Malaysia Airlines Flight MH17.

Top European court rules Russia violated international law in Ukraine

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U.S. President Donald Trump pushed back during his Cabinet meeting about a question regarding Jeffrey Epstein. The DOJ claims Epstein had no list of clients, which is drawing criticism from some of the president's supporters.

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Ontario

Trump threatens 50% tariff on copper imports

CNN’s Josh Cambell reports on questions over a lack of flood warning signals and lagging investment in river gauges in Kerr County after deadly floods killed over 100 people in Central Texas.

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Hundreds of firefighters battled a fast-moving wildfire that reached the outskirts of the southern French city of Marseille on Tuesday, forcing people to stay indoors and the nearby airport to close.

Marseille

France wildfire shuts down Marseille airport

Liverpool's Portuguese forward Diogo Jota was probably speeding when the Lamborghini car he was driving crashed in northwestern Spain, killing him and his brother, police said in a preliminary report.

Cernadilla

Liverpool's Jota likely speeding when car crashed, police say

French President Emmanuel Macron arrived in Britain on Tuesday for a state visit mixing royal pageantry with thorny political talks about stopping migrants from crossing the English Channel in small boats.

London

UK royals welcome France's Macron for state visit

U.S. President Donald Trump said the U.S. will send more weapons to Ukraine as Russian attacks intensified in recent weeks. The decision comes after the U.S. halted certain shipments last week.

Trump says U.S. will send more weapons to Ukraine

Brazil hosted the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday.

Rio de Janeiro

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Texas

Rising Texas death toll fuels anger over 'inadequate warning'

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Kerrville

At least 90 people killed in Texas floods

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McAllen

Shooter killed after opening fire at U.S. Border Patrol building

Israel’s military launched airstrikes early on Monday targeting ports and facilities held by Yemen’s Houthi rebels. The strikes followed a suspected Houthi attack on a ship in the Red Sea.

Israel strikes Yemen ports held by Houthi rebels

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Morwell

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Hunt

Camp Mystic confirms 27 campers, counselors killed in floods

President Donald Trump called Elon Musk's plans to form a new political party "ridiculous," launching new barbs at the tech billionaire.

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Death toll from Texas floods rises to 82, dozens still missing

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