Fed minutes showed a majority of officials judged it may be appropriate to raise
the federal funds rate target range again before year-end to rein in inflation
that has run above target for more than five years. The minutes gave no specific
timing; officials said elevated prices and a still-strong labor market could
prompt a second hike this year and stressed a meeting-by-meeting, data-dependent
approach. September discussions flagged risks that inflation could prove
persistent, the labor market is near full employment, and overall growth has
picked up. Many participants described a path of further increases in the funds
rate as a prudent risk-management measure to guard against inflation staying
above target if demand is stronger than expected or adverse supply shocks occur.
