The Federal Reserve's September meeting minutes, released on October 7, indicated that officials believed the Fed could stop raising interest rates even if inflation had not yet reached the 2% target, provided the economy was moving in that direction. However, most officials were not convinced, as strong spending and persistent price increases offset the pressure high borrowing costs placed on some sectors of the economy.

The minutes noted that most participants expected another rate hike before year-end, but for varying reasons: some officials viewed it as "insurance" against persistent inflation, while others believed the economy itself required higher interest rates. Officials did not agree on specific conditions for ruling out further rate hikes. The minutes also discussed the impact of factors such as energy costs, AI investment, and labor market conditions on inflation and the economy.