In an email, Omair Sharif, founder of the research-and-analysis firm Inflation Insights, wrote that his take on the minutes was that "upside risks to inflation currently outweigh

downside risks to the labor market, which I think reduces the odds of rate cuts this year." The Dow Jones Industrial Average was down 119 points, or 0.3%, at close to 42,224. The

S&P 500 fell 7 points, or 0.1%, to around 5,914. The Nasdaq Composite rose 9 points, or less than 0.1%, to roughly 19,208.