Analysis: A few officials hinted that they might join the rate cut camp in September

ChainCatcher news indicates that, according to the minutes of the policy meeting, despite two officials opposing and advocating for a rate cut, the Federal Reserve's decision to keep interest rates unchanged last month still received broad support. However, a few officials have aligned with Waller and Bowman, suggesting they may support a rate cut at the Federal Reserve's next meeting on September 16-17.

They stated that the transmission of tariff increases to consumer prices is slower than expected, which should alleviate concerns about new inflation shocks caused by rising import costs. However, inflation-focused "hawks" pointed out that price pressures have intensified since last month's meeting, including service prices. Kansas City Federal Reserve Bank President George last week stated in a speech that the impact of tariffs on inflation is limited, partly because the Federal Reserve has kept interest rates stable.

Unlike Bowman (who has been calculating inflation levels excluding tariffs), George has committed to never conducting such calculations, calling it "a concept that is both meaningless and unmeasurable." (Jin Shi)