The Federal Reserve's September meeting minutes revealed that almost all participants viewed inflation risks as skewed to the upside, with some officials noting that this upward bias had strengthened in recent months. Officials pointed to recent increases in energy prices, geopolitical risks, and tariffs as factors that could prolong inflation beyond expectations. The AI investment boom also emerged as a significant source of inflation risk discussed at the meeting, with some officials suggesting that AI could push up inflation through increased demand, rising input costs, and greater financing needs.