FED MINUTES: ALL PARTICIPANTS SUPPORTED THE SEPTEMBER 25BP HIKE, AND MOST SAW ANOTHER LIKELY APPROPRIATE BY YEAR-END Participants emphasized that inflation remained elevated and the job market appeared near full employment. Almost all saw inflation risks tilted to the upside and job market risks as broadly balanced. • Some saw the AI buildout possibly causing aggregate demand to outpace supply over the medium term, putting upward pressure on inflation • Many said that despite the rise in long-term Treasury yields, financial conditions appeared supportive of growth • A few noted the Treasury market had been functioning smoothly, but stressed the importance of planning for market stress • The staff economic outlook was stronger than the one prepared for July The Fed raised rates 25bps to 3.75-4.00% at the meeting.