What's the Fed really thinking? Leak of their meeting minutes?

I know what you're wondering. What does T Snitz Esquire think about this.

I'm with the Fed. As much as Voldemort wants to take a victory and look good, he's a little premature. Suspect once he wraps up the tariff negotiations, he'll have a good chance of getting his rate cut. In the meantime, Powell should start drinking heavily.

Fed officials believed risk of inflation outpaced concerns of weaker labor market, according to July Fed minutes

Fed officials "generally" expected inflation to increase in the short term due to President Donald Trump's tariffs, the Fed's July minutes said

By Joseph Zeballos-Roig, Quartz Media

Published 6 hours ago

Most Federal Reserve officials in July believed that the risk of higher inflation outpaced concerns about the state of the labor market, according to the latest minutes released by the central bank.

Inflation and the health of the U.S. job market came up in the discussions, with officials determining that price increases constituted a larger risk to the U.S. economy than job losses. "A majority of participants judged the upside risk to inflation as the greater of these two risks," a record of the two-day meeting said.

In addition, Fed officials "generally" expected inflation to increase in the short term due to President Donald Trump's tariffs, but it was still early to choose whether to change monetary policy.

"In terms of timing, many participants noted that it could take some time for the full effects of higher tariffs to be felt in consumer goods and services prices," the minutes said.

The Fed ultimately left its benchmark interest rate unchanged for the fifth meeting in a row at the conclusion of the meeting of the Financial Open Markets Committee. It currently stands between 4.25 percent and 4.5 percent. Two Fed officials broke ranks and voted to lower borrowing cost, which hadn't occurred since 1993.

The Federal Reserve has faced relentless, caustic attacks nearly every day from the president. He has demanded the central bank lower interest rates, arguing it will grow the economy while also slashing the cost of financing U.S. debt. He launched his latest broadside against the Fed on Wednesday, demanding that Federal Reserve Governor Lisa Cook step down over allegations of mortgage fraud.