Federal Reserve minutes from the late April meeting revealed officials are open to raising interest rates. [5] Policymakers cited inflation concerns stoked by the ongoing Iran conflict as a primary driver. [5, 13] The central bank indicated "some policy firming" may be appropriate, marking a significant shift in tone. [5, 13]
The readout showed four dissenting policymakers. [5] This marks the most divided Fed meeting since 1992. [5]
The hawkish shift strengthened the U.S. dollar. [6] Treasury yields remained elevated following the announcement. [6] These macroeconomic pressures weighed on silver prices on May 21. [6] The rising dollar countered bullish sentiment from silver's ongoing physical supply deficit.