The Federal Reserve meeting this week could see one of the most divided votes among policymakers, between those supporting a rate hike and those wanting to hold rates steady, as inflation risks return from surging oil prices, investment demand for artificial intelligence, and a new round of import tariffs from the Donald Trump administration. Dallas Fed President Lorie Logan and Cleveland Fed President Beth Hammack, both voting members this round, have signaled support for raising rates, arguing that inflation has not yet sustainably returned to the two percent target. Meanwhile, investors briefly pushed the probability of a Fed rate hike at the July twenty-eighth to twenty-ninth meeting to nearly forty percent before it eased to around thirty-five percent by the end of last week. Fed Chair Kevin Warsh reiterated that the Fed remains committed to lowering inflation and is ready to use all tools to maintain price stability, but did not provide clear details on the path forward.