The dollar index was flat to slightly lower at around 98.2 after the Fed’s July minutes showed policymakers remain more concerned about inflation than the labor market, with tariffs deepening divisions within the committee. Most officials judged inflation risks as outweighing employment weakness, keeping markets cautious ahead of Jerome Powell’s speech at the Jackson Hole symposium on Friday, where investors hope for clarity on future easing. Recent data has reinforced inflation worries while casting doubt on job market strength, leaving traders uncertain about the Fed’s path. Political pressure also looms, as President Trump called for Fed Governor Lisa Cook’s resignation over alleged mortgage fraud and continues to push for lower rates. With Powell’s term expiring in May, Trump is considering replacements, and Treasury Secretary Scott Bessent recently backed a larger half-point cut by September.