Federal Reserve Meeting Minutes Summary: Tariffs Bring Significant Uncertainty, Non-Farm Payrolls Downward Revision Exacerbates Economic Slowdown Concerns, "Stablecoin" Mentioned Eight Times

August 21st. The Federal Reserve made the latest meeting minutes available early today. In terms of the inflation outlook, the participants generally anticipate that inflation will rise in the short run. They hold the view that there remains significant uncertainty regarding the timing, magnitude, and sustainability of the influence of tariff hikes this year. The downward adjustment of nonfarm data has heightened the concerns of Fed officials about economic slowdown, with "several participants stating that they expect economic activity growth to remain sluggish in the second half of this year." It is worth noting that this edition of the Fed meeting minutes referred to "stablecoins" eight times. Many participants discussed the recent and future developments related to payment stablecoins and their potential impact on the financial system. These participants pointed out that with the recent passage of the "GENIUS Act" ("United States Stablecoin Guidance and National Innovation Act"), the usage of payment stablecoins may witness an increase. Nick Timiraos, a Wall Street Journal reporter renowned as the "Fed Whisperer," stated that the Fed meeting minutes usually do not disclose a great deal of new information. Instead, they reinforce the already public information: firstly, based on Powell's press conference, the overall sentiment of the committee during the July meeting was more hawkish (at least in comparison to the market); secondly, the reliance on data and forecasts is evident, and more officials show openness to a rate cut in September following the August 1st jobs report.