Federal Reserve
Fed minutes: every official backed September's rate increase, and most expected another by year end
The Federal Reserve's minutes show a united committee in September. Every official supported raising the benchmark interest rate a quarter point, to a range of 3¾ to 4 percent. Inflation stayed too high, and they had not seen enough progress bringing it down. Higher oil and fuel prices, and the rush of spending on artificial intelligence, were adding to price pressures, they said. Looking ahead, most of them thought another increase would likely be appropriate by the end of the year. They also said each meeting will depend on new data. The next time the Fed could change rates is Oct. 27–28.
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