While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.

In a renewed political maneuver, President Donald Trump targets Federal Reserve Chairman Jerome Powell over a costly renovation project. The $2.5 billion expenditure on the Fed's headquarters has become a focal point in Trump's demand for Powell's resignation and a push for lower interest rates,