According to Jin10, the Federal Reserve minutes did not mention any views supporting rate cuts, indicating a clear shift in policy discussions over the past year. At the start of last year, markets had expected the Fed to lower borrowing costs this year as inflation eased, but price pressures kept building, especially after the Trump administration joined Israel's war against Iran. Nearly six months after the conflict began, oil and gas shipments through the strategic Strait of Hormuz remained restricted. Recent data showed inflation cooling slightly and companies unexpectedly cutting jobs in July, leading markets to expect the Fed to keep policy rates unchanged again at its September 15-16 meeting. The data have left Fed officials divided over whether another rate hike is needed to further curb inflation, while also making them more cautious about the strength of the labor market and the risks to the goal of full employment. Because Fed Chair Kevin Warsh has been unwilling to discuss the monetary policy path during his term, markets lack clear guidance from the Fed chair.