The Federal Reserve raised its key interest rate to 3.75%-4% in September, with most officials expecting another hike before year-end. Fed officials differed in their reasoning: some viewed higher rates as insurance against persistent inflation, while others believed the economy would need them regardless. The Fed could pause before reaching its 2% target if it believes the economy is already heading there without further increases. The labor market remains steady, giving the Fed room to act against inflation. Repeated reports showing slower price increases without another rate hike would give officials more reason to wait.
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