🚨TODAY: FOMC minutes drop at 2 PM ET. In July, the Fed voted 9–3 to hold rates at 3.50%–3.75%. The three dissenters wanted a rate hike because inflation remained above the Fed’s 2% target. Markets now see roughly a 30% chance of a September hike. The key question is what worried the other nine officials. Were they more concerned about high inflation? Or did they believe higher rates could further weaken the labor market? If the minutes focus heavily on inflation, a September hike remains possible. If officials focus more on weaker employment, another rate hold becomes more likely.(Coin Bureau)