The dollar index held steady around 97.5 on Wednesday as traders weighed the latest FOMC minutes and developments on the trade front. Minutes from the Federal Reserve’s June meeting showed most officials still expect to cut rates this year, though views remain divided - some see a cut as soon as July, while others believe no reductions are warranted. Officials were also split on the inflationary impact of tariffs. Markets continue to price in two quarter-point rate cuts in 2025, with September seen as the most likely timing for the first move. On the trade front, President Trump announced new tariff letters to the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka imposing duties of 25% to 30% starting August 1. He also said a similar letter to Brazil would be released. On Tuesday, Trump announced plans for a 50% tariff on copper imports and hinted at further sector-specific measures. In a more aggressive move, he threatened tariffs of up to 200% on pharmaceutical imports.