Ella 
Minutes of the July 25-26 Fed meeting showed divided views within the committee. Several participants actually favored leaving the target range for the federal funds rate unchanged in July. At the same time, a large majority of participants saw upside risks to inflation and the need for further policy tightening after July.
The minutes confirmed the data dependence that Powell had expressed in his July 26 post-meeting news conference. Participants expected data in the coming months to help shed light on the persistence of the deflationary process, according to the minutes.
Looking ahead, we still expect the Fed to remain on hold for the remainder of the year as core inflation continues to decline gradually and the economy deteriorates in the second half of the year. Risks to our baseline remain upside if core inflation fails to decline further, or if the economy remains resilient towards the end of the year.
