The Federal Reserve’s July meeting minutes shed light on ongoing inflation concerns and trade-related uncertainties, casting a shadow over expectations for interest rate cuts. The minutes reveal a cautious stance from the Fed as policymakers grapple with these challenges. Notably, only two members expressed support for a rate cut, highlighting the focus on combating rising prices. Market reactions have been mixed, with risk assets experiencing volatility following the release of the meeting notes. 68% chance of a 25 basis point rate cut in September is predicted based on Polymarket data. This reflects a diminished expectation for larger cuts. Fed officials highlighted concerns regarding inflation expectations becoming unanchored due to evolving trade tensions, prompting caution and potentially impacting financial markets. The lack of strong public commentary from prominent crypto leaders underscores the market’s potential for adjustment as the Fed navigates this complex economic landscape.