In the July meeting, Federal Reserve officials expressed their concerns about the slowdown in the labor market and the persistence of inflationary pressures, but the majority felt it was too early to cut interest rates. The meeting minutes revealed a clear division of opinion, with two committee members voting in favor of cutting interest rates, marking the first double opposition in over 30 years.

⭕ Economic concerns included the impact of tariffs imposed by President Donald Trump, which some participants viewed as a potential source of rising inflation. The minutes indicated a "great deal of uncertainty" regarding the timing, magnitude, and duration of these tariffs, complicating the Federal Reserve's task of balancing price stability with employment support.