Core content of the July Fed meeting minutes:

People are more worried about uncontrolled inflation, temporarily putting concerns about unemployment aside. Tech stocks have risen too much and need to be watched for a bubble. Companies are slowly passing tariff costs onto consumers, but people's incomes are not increasing, and the economy may slow down in the second half of the year.
Internal disagreement on interest rate cuts: a minority wants to cut rates quickly, while the majority believes in stabilizing first and waiting for data before acting. Waller and Bowman directly opposed the decision not to cut rates, and the disagreement was quite noticeable.
Whether interest rates will be lowered in the future depends on three things: the quality of economic data, the stability of prospects, and the level of risks, particularly focusing on the long-term impact of tariffs and whether inflation will rebound. Stablecoins have been discussed in depth eight times, and their impact on the financial system needs thorough research.
The minutes were written before the July employment data was released, but there were already vague concerns about a weakening labor market. Now that the Jackson Hole meeting has started, the entire market is waiting for Powell's speech tomorrow, and it's estimated that he will again be evasive, deciding whether to adjust interest rates based on the August data.

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