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According to ChainCatcher, policy meeting minutes show that despite two officials dissenting and advocating for a rate cut, the Federal Reserve's decision to keep rates unchanged last month still received broad support. However, a minority of officials have aligned with Waller and Bowman, suggesting they may support a rate cut at the Fed's next meeting on September 16-17. They noted that the pass-through of tariff increases to consumer prices has been slower than expected, which should help ease concerns about a new inflation shock triggered by rising import costs. However, inflation-focused "hawks" pointed out that price pressures have increased since last month's meeting, including in service prices. Kansas City Federal Reserve President Schmid said in a speech last week that the impact of tariffs on inflation is limited, partly because the Fed has kept rates stable. Unlike Bowman (who has been calculating inflation levels excluding tariffs), Schmid pledged never to conduct such calculations, calling it "a concept that is both meaningless and immeasurable."