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#FOMC9To3Split A 9–3 vote to hold rates sounds comfortable at first, but the details feel much less settled 🏛️ Logan, Hammack and Kashkari all preferred a 25bp hike, while several other members said tightening could still be needed if inflation stops improving. Softer CPI and weaker jobs data have reduced the case for acting immediately, and markets now put the odds of a September hold near 67%. What caught my attention most was the Fed explicitly flagging AI infrastructure financing, stock valuations and Treasury volatility as financial risks. AI spending is no longer just a corporate earnings story—it’s becoming part of the Fed’s broader stability discussion 🤖 To me, the minutes don’t signal a clear policy turn. They show a committee willing to wait, but not ready to relax. I’m curious which becomes the bigger concern by September: inflation staying sticky, or tighter financial conditions doing too much damage.