concern about the state of the labor market and inflation, although most agreed that it was premature to lower interest rates, according to the minutes published on Wednesday.

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The Fed, divided and concerned about tariffs, inflation, and the labor market, according to the minutes, Published on Wednesday, August 20, 2025

The meeting showed a divergence of opinions among central bankers, whose vote to keep their key rate stable occurred despite the objections of two Fed governors who argued in favor of cutting it.

"Participants generally noted the risks on both sides of the Committee's dual mandate, emphasizing the upside risk to inflation and the downside risk to employment," the minutes state.

The Chair of the Federal Reserve of the United States, Jerome Powell, speaks during a press conference following the issuance of the Federal Open Market Committee's statement on interest rate policy in Washington, DC, USA, on July 30, 2025.

Jerome Powell, speaks during a press conference following the issuance of the Federal Open Market Committee's statement on interest rate policy in Washington, DC, USA, on July 30, 2025.
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