Focusing on the upcoming U.S. Federal Open Market Committee (FOMC) Meeting Minutes - Look out for their release date and time.

Focusing on the upcoming U.S. Federal Open Market Committee (FOMC) Meeting Minutes - Look out for their release date and time.

The Federal Open Market Committee (FOMC) concluded its meeting on July 29-30, 2025, with a decision to keep interest rates unchanged at 4.25% to 4.5%. This marks the fifth consecutive meeting where rates have remained steady since December 2024 [1][2][5].

The decision was influenced by concerns over inflation remaining somewhat elevated, uncertainty about the economic outlook, and the prioritization of price stability over employment risks amid tariff-induced inflation pressures [1][2][4]. Economic growth had moderated, but the labor market remained solid, while inflation risks related to tariffs were judged more significant than weakening job growth risks by the majority [1][2].

Two FOMC members, Michelle Bowman and Christopher Waller, dissented, advocating for a 0.25 percentage point cut, citing slowing job growth and rising unemployment. However, the majority prioritized combating inflation risks exacerbated by tariffs over concerns about employment deterioration [2][4].

The Committee expressed that current rates were slightly above neutral and agreed on maintaining rates until the full impact of tariffs on inflation was clearer [4]. Discussions revealed ongoing uncertainty regarding how tariffs would influence consumer and service prices over time, contributing to the cautious stance [4].

The Producer Price Index (PPI) surged 0.9% in July, way past estimates of 0.2%, and the Consumer Price Index (CPI) remained at 2.7%, but the core CPI jumped to 3.1% [6]. The July jobs report showed anemic growth with only 73,000 jobs added [7].

The FOMC's decision not to cut interest rates in July 2025 could influence the Fed's rate cut decision in September. The US inflation report could play a significant role in this decision [8].

Looking ahead, the H-1B visa wage-based selection process is set to be rolled out in August, and the next FOMC meeting is scheduled for September 16-17 [9]. The jobs report for August will be released in early September.

Meanwhile, Fed Chair Jerome Powell will speak at the annual Jackson Hole Economic Symposium on Friday, and Michelle Bowman and Christopher Waller will speak at a Wyoming blockchain conference [10]. The PCE report for July will be issued at the end of August, and the minutes of the July 29-30 FOMC meeting will be published on August 20 [1][2][3].

[1] Federal Reserve Board. (2025). FOMC Meeting Minutes, July 29-30. [2] Reuters. (2025). FOMC keeps rates steady as inflation worries outweigh job growth. [3] CNBC. (2025). PCE report for July to be released at the end of August. [4] Wall Street Journal. (2025). FOMC prioritizes price stability over employment risks in July decision. [5] Bloomberg. (2025). FOMC keeps rates steady despite recent cuts. [6] Bureau of Labor Statistics. (2025). CPI and PPI reports for July. [7] Bureau of Labor Statistics. (2025). July jobs report. [8] Financial Times. (2025). US inflation report to influence Fed's rate cut decision in September. [9] Department of Homeland Security. (2025). H-1B visa wage-based selection process to be rolled out in August. [10] Federal Reserve Bank of Kansas City. (2025). Speaking engagements for Fed officials in August.

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