The Minutes for the FOMC meeting on July 29-30 emphasized divergent views about the balance of risks to the economic outlook and, in turn, how soon the Fed should consider cutting policy rates. The risks to the outlook (of higher inflation and a weaker labour market) were still perceived as being elevated albeit less so than before owing to “some reduction in uncertainty regarding fiscal policy, immigration policy, or tariff policy”. In turn, “a majority of participants [there were 18 this time so at least 10] judged the upside risk to inflation as the greater of these two risks, while several participants viewed the ... (full story)