Despite investor expectations for a September interest rate cut following the latest CPI report, two Federal Reserve officials are expressing caution. Their reluctance stems from concerns about prematurely easing monetary policy, even as the Trump administration argues that current data suggests tariffs are not significantly contributing to inflation. This divergence in opinion highlights the ongoing debate within the Fed regarding the appropriate course of action for managing the economy and inflation. The officials' stance could temper expectations for a rate cut and influence future policy decisions.