The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.

Federal Reserve Chair Powell must tread a fine line as he readies a message on interest rate cuts at the central bank's conference in Jackson Hole, WY

Minutes of the Federal Reserve’s July meeting show widespread concern over the slowing economy and the impacts of import tariffs.

Federal Reserve policymakers will be debating whether stubborn inflation or slower hiring is the bigger problem for the economy as they prepare for an annual conference in Jackson, Wyoming, next week and a crucial policy meeting in September.

Minutes from the Fed's July policy meeting revealed policymakers prioritized tariff-driven inflation risks over labor market concerns when keeping interest rates unchanged.

Stocks continued to trade lower on Wednesday, while yields on U.S. government debt were little changed, after minutes of the Federal Reserve's July meeting showed that officials expected near-term inflation to increase.

Incomes are still trailing inflation four years after the pandemic-era surge in prices, causing a financial pinch for many households.

South Africa's rand was little moved on Wednesday, despite the country's highest inflation reading for 10 months, as investors awaited minutes from the Fed's July meeting and a symposium later this week that could provide U.