'Greater of the two risks': Inflation overshadows employment at Fed policy meeting; minutes reveal divisions over Trump’s tariffs

Federal Reserve officials expressed concerns over upside inflation risks outweighing employment worries, amidst disagreements on Trump's tariffs' economic impact. Minutes revealed divisions within the Federal Open Market Committee, with some members dissenting due to concerns about economic weakening and potential labor market damage. The labor market's performance will likely determine the Fed's decision on interest rate cuts in September.