The Federal Reserve released July minutes indicating "considerable" inflation risks due to new trade tariffs, leading to doubts on imminent interest rate cuts. Despite labor market slowdown signs, the Federal Funds rate remains at 4.25%-4.50% due to growing concerns on tariff effects on goods inflation, with two Fed officials seeking a 25 basis-point cut. Governors Bowman and Waller dissented, noting inflation close to the 2% objective excluding tariff effects and believing higher tariffs won't have persistent inflation impacts. They raised worries on labor market weakening, citing slower private payroll gains. The prevailing view in the room was more hawkish. Tariffs cost Deere $600 million.