At 2:00 PM (Eastern Time) on August 20, the Federal Reserve released the minutes of the July FOMC meeting.
The main policy stance is to keep interest rates unchanged, maintaining the federal funds rate in the range of 4.25%–4.50%, which marks the fifth consecutive time the federal funds rate has remained unchanged.
However, it is rare that Federal Reserve Chair Michelle Bowman and Christopher Waller cast dissenting votes, agreeing that interest rates should be cut by 0.25 percentage points at that time.
This is the first occurrence of dual protests in the same meeting since 1993.
Most risk officials believe that the risk of inflation outweighs the risk of weak employment, particularly concerned about cost-push inflation due to new tariffs that began to take effect in August, which will ultimately be passed on to consumers by businesses.
The market's reaction is still anticipating a possible interest rate cut in September (due to the presence of dissenting voices), but more clear data support is needed.
Later, attention can also be paid to the Jackson Hole meeting.