In the latest published minutes of the Fed's July policy meeting, although the decision to keep the interest rate unchanged received broad support, internal differences are intensifying. Notably, some officials hinted that they might support a rate cut at the next meeting on September 16-17.

Officials inclined towards cutting interest rates believe that the impact of tariffs on consumer prices is slower than expected, which may alleviate concerns about a new round of inflation triggered by rising import costs. However, 'hawkish' members focused on inflation point out that price pressures, including service prices, have increased since last month's meeting.

The president of the Federal Reserve Bank of Kansas City, Esther George, stated in a recent speech that the impact of tariffs on inflation is limited, partly because the Fed has kept interest rates stable. She firmly opposes calculating inflation levels excluding tariffs, calling it "a concept that is both meaningless and unmeasurable."

The minutes of the meeting reveal that the divergence within the Fed regarding the direction of monetary policy is deepening. As the September meeting approaches, the market will closely monitor the remarks of Fed officials to predict potential policy directions. Currently, the possibility of interest rate cuts seems to be increasing, but more economic data is still needed to support this decision.