The minutes from the July Federal Market Open Committee meeting were what has become a trademark mix of acknowledgement that inflation might be slowing along with warning that if it does not, future rate hikes are still possible.

First, some of the upbeat portion. "Market participants interpreted data releases as generally demonstrating economic resilience and a further easing of inflation pressures," the minutes said. Concerns about the banking sector, which earlier in the year was getting hit hard by investor and depositor worries about the market value of assets. Rapid and sizeable withdrawals sent several banks into receivership.

"Spot and forward measures of inflation compensation based on Treasury Inflation-Protected Securities were little changed over the intermeeting period at levels broadly consistent with the Committee's 2 percent longer-run goal, and longer-term survey- and market-based measures continued to point to inflation expectations being firmly anchored," they said.