Minutes from the Federal Reserve's September monetary policy meeting reveal unanimous support for raising the federal funds rate by 25 basis points to a target range of 3.75%–4.00%. Most officials indicated that one additional rate hike before year-end would likely be appropriate as they continue to assess economic conditions. Officials generally viewed inflation risks as tilted to the upside, with some noting that AI infrastructure construction could cause aggregate demand to exceed aggregate supply in the medium term. The consensus reflects ongoing concerns about persistent price pressures despite previous tightening measures.