At the meeting, the Fed's monetary policy committee (FOMC) decided on July 30 to keep the key interest rate in the range of 4.25–4.5 percent.
But the committee was divided and two of the twelve voting members – Christopher Waller and Michelle Bowman – wanted to lower the interest rate, reports CNBC.
Inflation, and the possibility that it may be pushed upwards by President Donald Trump's new import tariffs, was among the things discussed. Others pointed to the risk that the labor market may be hit if the interest rate is not lowered.
"A majority of the participants assessed the upward risk for inflation as the greatest of these two risks," it says in the minutes.
Trump has time and again attacked the Fed for not lowering the interest rate, but the central bank has stubbornly held on to the fact that its decisions should be made based on real economic statistics and without political influence.
