According to ChainCatcher, the minutes from the policy meeting indicate that despite two officials opposing and advocating for a rate cut, the Federal Reserve's decision to keep interest rates unchanged last month still received broad support. However, a few officials have aligned with Waller and Bowman, suggesting they may support a rate cut at the Federal Reserve's next meeting on September 16-17.
They stated that the transmission of tariff increases to consumer prices is slower than expected, which should alleviate concerns about new inflation shocks caused by rising import costs. However, inflation-focused 'hawks' pointed out that since last month's meeting, price pressures have intensified, including service prices. Kansas City Federal Reserve Bank President George Smith said in a speech last week that the impact of tariffs on inflation is limited, partly because the Federal Reserve has maintained stable interest rates.
Unlike Bowman (who has been calculating inflation levels excluding tariffs), Smith has pledged never to conduct such calculations, calling it 'a concept that is both meaningless and unmeasurable.' (Golden Ten)
