Good morning, CFOs. Fed minutes tease at a looming split; Linda Yaccarino steps down as CEO of X; Nvidia becomes the world’s first $4 trillion company; and Ferrero nears a deal for the maker of Froot Loops.

A majority of Federal Reserve officials at their meeting last month expected they would be able to resume interest rate cuts this year, but only two of them voiced support for a rate cut as soon as the central bank’s next gathering later this month.

Minutes of the June 17-18 policy meeting pulled back the curtain on an emerging split inside the central bank’s rate-setting committee. The release of the internal discussion coincides with White House pressure on Fed Chairman Jerome Powell to cut rates.

Officials who believed lower rates would be appropriate later this year thought those moves could be justified by a weaker labor market or more modest and temporary inflation pressures from tariffs, according to the minutes, released Wednesday with a customary three-week lag.

But the minutes noted that a meaningful minority of officials thought inflation had not made enough progress toward the Fed’s 2% goal—even before any larger effects from tariffs in the months ahead—to justify lowering rates.

Also: What Division Inside the Fed Means for Future Interest-Rate Cuts

📆 Earnings

• Conagra Brands
• Delta Air Lines
• Levi Strauss

📈 Economic Indicators

The Department of Labor reports initial jobless claims for the week ending July 5.

Linda Yaccarino said she is stepping down as chief executive of X, capping a tumultuous run atop Elon Musk’s social-media company.

Yaccarino’s future at the company had been uncertain for months. Musk merged X with Grok chatbot maker xAI this spring, fusing two of his technology bets and making the social-media platform part of a broader AI-focused company.

Also: Yaccarino’s Break From Musk Was Months in the Making

📰 Other headlines

• Exclusive: Ferrero Nears Roughly $3 Billion Deal for Maker of Froot Loops, Frosted Flakes
• Trump to Impose 50% Brazil Tariff, Citing Bolsonaro Trial
• How Nvidia Became the World’s First $4 Trillion Company
• Tesla Shareholders Press Board to Schedule Annual Meeting
• How Volkswagen’s Electric Bus Went From American Flagship to Flop
• WPP Names Microsoft Executive as Next CEO
• Stadium Developer CEO Charged With Bid-Rigging Over New Texas Arena
• Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms
• The Sequoia Investor Whose Anti-Mamdani Posts Set Off a Silicon Valley Storm
• Merck to Buy Verona Pharma in $10 Billion Deal
• Exclusive: Patrón’s ‘Additive-Free’ Claims Rattled Tequila Regulators. Its New Ads Poke Fun at Their Rules.
• Matcha Lovers Are Turning Against Each Other Over Global Shortage
• Lobbyists Revel in Trump Bonanza but Ask How Long It Can Last

OpenText, the Canadian information-management software and services company, said its CFO, Chadwick Westlake, will step down to head up the digital financial services company, EQB. OpenText said his departure is effective Aug. 15, and that it has begun a comprehensive search for a long-term successor, with the help of an executive search firm. Westlake was the CFO of OpenText for less than half a year, coming from EQB where he was CFO between 2020 and 2025. The company has appointed its chief accounting officer, Cosmin Balota, to serve as CFO on an interim basis.

                                             —Adriano Marchese contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

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