Federal Open Market Committee (FOMC) minutes present a hawkish outlook, saying inflation risks are skewed to the upside largely because of advances in artificial intelligence. Although price pressures have moderated somewhat, inflation remains above the Federal Reserve’s target. The FOMC previously set the federal funds target range at 3.50%–3.75%, with the effective rate around 3.63%, while July consumer-price data showed headline inflation of 3.4% year over year. Markets have interpreted the minutes as reducing the likelihood of interest-rate cuts at the September and October meetings. Investors will focus on upcoming inflation and employment data, comments from Federal Reserve officials including Chair Kevin Warsh, and any changes to economic forecasts that could alter expectations for future policy. The material also promotes live prediction-market analysis powered by Vera.