October 7, 2026 08:02 PM GMT Federal Reserve Monitor | North America September FOMC Minutes: Data dependent and alert to risks The FOMC raised rates in September and raised later rate projections. The minutes to the September FOMC meeting suggest a data-dependent tightening outlook rather than a more aggressive shift in policy or the reaction function. | M September FOMC Minutes: | Chief US Economist Michael.Gapen@morganstanley.com | +1 212 761-0571 | | --- | --- | --- | | | | Update | | October 7, 2026 08: ...

7 October 2026 | 4:51PM EDT Economics Research USA: FOMC Minutes Note "Most" Participants Saw Another Increase as Likely "Appropriate by Year End," but Committee Will Approach BOTTOM LINE: The minutes to the FOMC's September meeting showed that "all" participants supported raising the target range for the federal funds rate by 25bp to 3.75-4%, judging that progress on lowering inflation had not been "sufficient." "Almost all" participants assessed that risks to inflation were "tilted to the upside," while r ...