Recent minutes from the Federal Open Market Committee (FOMC) reveal a deeply divided outlook among Fed officials concerning tariffs, inflation, and the labor market. A majority expressed concern that rising inflation poses a greater risk than a weakening labor market, highlighting a tense environment where dissenters favored rate cuts at the July meeting, while many advocated for holding rates steady. The discussions indicate that inflation fears dominate, with officials wary of the impact of tariffs on economic conditions. Investors are closely monitoring these developments as they anticipate future policy decisions.