The Federal Reserve shared its insights on economic trends from its July meeting through the release of its minutes. Key findings include: moderate GDP growth in the first half of the year, a low unemployment rate, and inflation remaining relatively high. While the slowdown in inflation appeared to stall, tariffs are adding upward pressure on goods price inflation. Importantly, net exports contributed positively to GDP growth in the second quarter after negatively impacting GDP growth in the first quarter due to large-scale preemptive imports anticipating tariff increases. Conversely, the decline in goods exports was more moderate, while service exports continued to grow.