In interviews, the Cleveland Fed’s president opposed cuts citing rising inflation, while the Boston Fed’s president signaled openness amid labor market concerns.

The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

Not even 48 hours after the conclusion of last month's meeting, data from the Labor Department appeared to validate the concerns of Bowman and Waller when it showed fewer jobs than expected were created in July.

Almost all” officials backed July’s interest-rate decision, even though two governors backed a rate cut, according to a meeting summary.

President Donald Trump urged the central bank to cut rates. Fed Chair Jerome Powell is holding firm — but more and more colleagues don’t agree.

The Fed left its benchmark interest rate unchanged following its July policy meeting amid uncertainty over the impact of tariffs on inflation and economic conditions.