**[Citigroup Downplays Hawkish Tone in Meeting Minutes, JPMorgan Focuses on Fed's Internal Inflation Disagreement]** According to Golden Finance, on August 20, during the July meeting, three Federal Reserve officials voted against the decision to keep interest rates unchanged. They believed the Fed should raise rates because the core inflation rate at the time was still as high as 2.6%, significantly above the Fed's 2% target. However, data released in August is weakening their rationale for supporting a rate hike. The July CPI report showed that, excluding the volatile food and energy prices, core prices rose 2.5% year-over-year, marking the lowest level since March 2021. Meanwhile, the July employment report revealed that the U.S. lost 23,000 jobs that month. Andrew Hollenhorst, Citigroup's Chief U.S. Economist, stated that this data "will make it difficult for the meeting minutes to significantly alter the market's currently reduced expectations for rate hikes." However, the minutes will provide a clearer picture of the extent of the disagreement between hawks and doves within the Fed during the July meeting. The minutes may reveal how officials plan to define and assess inflationary pressures in the future. Michael Feroli, JPMorgan's Chief U.S. Economist, wrote that the minutes "might give us insight into how much tolerance other FOMC members have for inflation being above the target."