Fed policymakers acknowledge the increased likelihood of a rate cut if inflation can be pressured to the central bank's 2% target, following the release of slower consumer and producer inflation reports in May.

However, they want to see price pressures ease for several months before considering a rate cut, leading many policymakers to expect only one rate cut this year.

Meanwhile, the New Zealand dollar has weakened after various economic indicators from China pointed to uncertainty about the ongoing economic outlook. In May, the house price index weakened by 3.9%, and fixed-asset investment growth since the beginning of the year was slower than expected.