Elevated inflation readings, including core PCE near 3.3% and headline pressures from energy and supply shocks, combined with the July FOMC’s 9-3 vote featuring three hawkish dissents from Hammack, Kashkari, and Logan favoring an immediate 25-basis-point hike, anchor trader expectations for multiple dissents at the September 15-16 meeting. With the federal funds rate steady at 3.50-3.75% and the labor market in balance near 4.3% unemployment, the closely matched probabilities for three or four-plus dissents reflect ongoing committee divisions over whether current policy sufficiently addresses price stability risks amid Middle East uncertainty and limited forward guidance from Chair Warsh. August inflation and employment data due before the meeting remain key swing factors that could alter the balance of views.