The Fed’s July minutes showed “almost all” officials supported keeping rates unchanged at 4.25%-4.50%, with only Michelle Bowman and Christopher Waller dissenting in favor of a quarter-point cut to protect a weakening job market. Their concerns gained traction after Labor Department data revealed weaker-than-expected July hiring, a higher unemployment rate, and sharp downward revisions to prior job gains - prompting Trump to fire the head of the BLS. Still, inflation worries persist, fueled by Trump’s tariff policies, with both consumer and producer prices rising more than expected. Officials debated how much tariffs are lifting inflation and whether policy is still restrictive. Markets see an 85% chance of a September cut, with Powell’s Jackson Hole speech Friday expected to signal his stance.