#FOMCMinutes occurred in the latest minutes of the FOMC (Federal Open Market Committee) from the meeting of July 29–30, 2025, published today, August 20, 2025:

Official Publication

The minutes from the meeting of July 29–30, 2025, were published today, August 20, 2025, as is customary, approximately three weeks after the monetary policy decision.

2. Inflation as the predominant risk

Most members assessed that the upside risk of inflation outweighs labor risks, which justified keeping the interest rate unchanged. For example, several expressed that the full impact of tariffs is still unclear, maintaining their caution.

3. Significant internal dissents

There was a rare dissent in the voting: Governors Michelle Bowman and Christopher Waller proposed a 25 basis point reduction instead of the consensus decision to maintain rates. This was the first divided vote among governors since 1993.

4. Markets and expectations

As a consequence of these rather cautious minutes, markets reduced their hopes for immediate monetary easing — a reaction also reflected in a decline in the cryptocurrency rally. Despite this, the probability of a rate cut in September remains high: 85%, according to the CME FedWatch Tool.

5. Additional external tensions

Political tensions were highlighted, including a resignation request for Governor Lisa Cook, launched by former President Trump over alleged mortgage fraud irregularities.