U.S. FOMC releases September minutes…"Majority of members mention possibility of additional rate cuts this year"

According to the minutes of the Federal Open Market Committee (FOMC) for September 2025, released by the U.S. Federal Reserve (Fed) on the 8th (local time), a majority of members indicated that additional policy easing (rate cuts) could be appropriate before year-end.

However, there was substantial disagreement over the pace and number of rate cuts.

The minutes said members expected short-term inflation to remain at elevated levels but to decline gradually. They also said the inflationary effect of tariff increases implemented this year is uncertain, but most of it is expected to be reflected before the end of next year.

Some members stated that the labor market would not be a major source of inflationary pressure, and assessed that a slowdown in the labor market is underway but shows no signs of a sharp deterioration.