Silver prices firmed above $37.5 per ounce on Wednesday, as markets weighed the Federal Reserve’s rate outlook amid a stronger dollar. Investors assessed the Fed’s July minutes which revealed divisions among officials, with most favoring steady rates while two governors pushed for cuts, the first such dissent in decades. Fed governors Christopher Waller and Michelle Bowman favored a quarter-point rate cut over leaving rates unchanged, underscoring divisions within the committee. Policymakers cited risks from both inflation and a weakening labor market, noting added uncertainty from tariffs. Focus will then shift to Fed Chair Jerome Powell’s remarks at the Jackson Hole symposium, with markets watching for any attempt to temper expectations for easing. Traders currently assign an 85% probability of a September rate cut and are pricing in about 54 basis points of reductions by year-end.