Federal Reserve Releases Minutes of Monetary Policy Meeting:

1. Commodity inflation is pushed upward by increased tariffs, service inflation is slowing, core PCE is about 2.7%, and overall inflation is still above the 2% target;

2. Economic momentum weakened in the first half of the year, consumption slowed, and residential investment weakened, but the unemployment rate is low (4.1%) and the labor market is still close to maximum employment;

3. The risks of rising inflation are greater and uncertainty is high, with employment facing tightening financial conditions, weakening real estate, and potential downside risks to employment from AI applications;

4. Most members favor holding steady, while a minority (Bowman and Waller) advocate for a 25 basis point rate cut, believing that inflation is close to the target after excluding tariffs and growth is slowing.