The Federal Reserve's July 30-31 meeting minutes reveal that most officials anticipate a probable interest rate cut in September, contingent on continued inflation cooling. Although the committee unanimously decided to keep rates steady at 5.25%-5.50%, several officials supported a 25 basis point reduction in July, citing progress on inflation and rising unemployment. The minutes highlight a growing concern about the labor market's potential deterioration and emphasize the need for more evidence before making rate cuts. Market expectations align with the Fed's outlook, with traders fully pricing in a September cut. Fed Chair Jerome Powell is expected to provide further guidance in his upcoming speech at the Jackson Hole symposium.