Some participants noted financial conditions suggested policy may not be “particularly restrictive”Those participants judged a cautious approach to future policy was warrantedMost participants at the Fed’s September 16–17 meeting judged it would likely be appropriate to ease policy further over the remainder of 2025, minutes showSome participants noted financial conditions suggested policy may not be “particularly restrictive”Those participants judged a cautious approach to future policy was warrantedAlmost all participants supported quarter-percentage-point cut to Fed funds rate at September meetingMost participants judged downside risks to employment had increased, upside risks to inflation had either diminished or not increasedParticipants generally noted their judgments about appropriate policy action at September meeting reflected a shift in the balance of risksAlmost all participants supported quarter-percentage-point cut to Fed funds rate at September meetingMost participants judged downside risks to employment had increased, upside risks to inflation had either diminished or not increasedParticipants generally noted their judgments about appropriate policy action at September meeting reflected a shift in balance of risksA few participants saw merit in keeping Fed funds rate unchanged at September meeting or that they could have supported such a decisionA majority of participants emphasized upside risk to their outlooks for inflationA few participants noted the standing repo facility would help keep the Fed funds rate in target range and ensure money market pressures would not disrupt ongoing quantitative tighteningOne participant preferred a half-percentage-point rate cut at last month’s meetingFed staff revised up GDP growth projection for 2025 through 2028A few participants saw merit in keeping Fed funds rate unchanged at September meeting or that they could have supported such a decisionOne participant preferred a half-percentage-point rate cut at last month’s meetingA majority of participants emphasized upside risk to their outlooks for inflationA few participants noted the standing repo facility would help keep the Fed funds rate in target range and would ensure money market pressures would not disrupt ongoing quantitative tighteningFed staff revised up GDP growth projection for 2025 through 2028 (we don't get the actual forecasts)Upward revision reflected stronger-than-expected consumer spending and business investment, and slightly easier financial conditionsInflation forecast mostly unchanged, projected to reach 2% by 2027Last month saw job risks rising but remained wary about inflationFull textThe Fed minutes showed officials edging toward easier policy as most participants agreed it would likely be appropriate to cut rates further over the remainder of 2025. A few still saw merit in holding steady, but the tone clearly shifted toward easing. Downside risks to employment were noted to have increased, while inflation risks had diminished or stabilized. Some members flagged that financial conditions may no longer be “particularly restrictive,” which is an indication that they've noticed the rally in stock markets. The staff also revised up GDP growth projections through 2028, reinforcing confidence in the outlook even as policymakers lean toward more accommodation ahead. This article was written by Adam Button at investinglive.com.