Federal Reserve officials signalled little appetite for an aggressive interest-rate cut at next month’s policy meeting, arguing that still-solid labour conditions allow the central bank to wait for clearer evidence on inflation and growth. Atlanta Fed President Raphael Bostic said the job market is “pretty much at full employment,” giving policymakers “the luxury” to avoid rushing into changes, while San Francisco Fed President Mary Daly warned a 50-basis-point reduction would convey “unwarranted urgency.” St. Louis Fed President Alberto Musalem placed inflation at “close to 3%”—above the 2% target—and said the current economic backdrop does not justify a half-point move. He cautioned that tariffs are pushing prices higher, with most of the impact likely to fade within six to nine months but a “reasonable possibility” that the effect lasts longer. Cutting rates aggressively to shore up employment, he added, could entrench inflation expectations. Chicago Fed President Austan Goolsbee said all autumn rate-setting meetings will be held as live decisions and reiterated that any easing hinges on several more months of favourable inflation data and signs of labour weakening. Richmond Fed President Tom Barkin noted consumers are feeling “somewhat stretched” yet willing to trade down, which could limit firms’ ability to pass through tariff costs; he called a 4.2% unemployment rate “not a bad number.” Taken together, the remarks leave markets expecting, at most, a quarter-point reduction when the Federal Open Market Committee convenes on 16-17 September.