Most Federal Reserve officials viewed another interest rate increase as likely appropriate by year end, according to minutes from the September 15-16 meeting. All participants backed September’s quarter percentage point increase, lifting the federal funds target range to 3.75% to 4%. Officials expressed broad concern that inflation had made insufficient progress toward the 2% target, with headline PCE inflation estimated at 3.8% and core inflation at 3.4% in August. Investment in AI infrastructure was identified as a source of price pressure, alongside higher energy prices linked to geopolitical tensions.
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