Federal Reserve Meeting Minutes: Most FOMC members believe that inflation risks outweigh concerns about employment.

At the July monetary policy meeting, most Federal Reserve officials emphasized that the risk of inflation outweighs concerns about the labor market, as internal divisions within the Federal Open Market Committee continue to widen with the escalating tariff issues. The minutes of the July 29-30 meeting showed that officials acknowledged their concerns about rising inflation and weak employment, but "most participants believed that, of these two risks, the risk of rising inflation is greater."