According to CoinMeta, Wu said that the minutes of the Federal Reserve's July meeting showed that participants generally believed that inflation was still above the 2% target, and the risks were leaning upward. The demand pressures from conflicts in the Middle East, tariffs, and AI investments could make inflation more persistent. The labor market remained stable overall, and economic activity continued to expand robustly, mainly supported by AI related investments and consumption. Most participants supported maintaining the current federal funds rate target range, but several argued for a 25-basis-point interest rate hike, believing that price pressures were still widespread. Many participants stated that if inflation did not fall further, it might be necessary to tighten monetary policy. Some participants believed that current financial conditions might not be sufficient to bring inflation back down to 2%. The minutes also noted that the high valuations and leveraged financing resulting from the rapid expansion of AI infrastructure increased financial stability risks. If the market lowered its expectations for the long-term profits of AI industries, it could trigger a widespread revaluation of asset prices and tighten financial conditions.