The Fed left rates unchanged in July, but minutes show inf risks dominated
officials' outlook. Many officials said further hikes could be needed if inf
does not cool; the Fed's use of "many" denotes a sizable bloc short of a
majority. At the July meeting July inf and payrolls data were not yet available.
Subsequent July data showed inf cooled and the labor market softened, prompting
traders to trim odds of a September rate hike. Markets will see additional inf
and jobs prints before the next Fed meeting.
