The Federal Reserve on Wednesday released minutes from its Sept. 15-16 policy meeting, revealing that most participants assessed another increase in the federal funds rate would likely be appropriate by year-end to counter inflation that has run above target for over five years. However, the minutes provided no specific timing, and recent inflation data (August core PCE at 3%, headline at 3.4%) and comments from leading Fed officials indicate an October hike is unlikely. Treasury yields have soared to 2002 levels, attributed to rate hike expectations, AI growth, and economic strength.