Fed Saw Uncertain Economy and Upside Inflation Risks, Supported One More Rate Hike

Fed officials saw the future path of the economy as highly uncertain at September policy meeting.

Data suggesting slowing inflation but officials still saw upside inflation risks like oil and food prices.

Officials thought important to balance overtightening risks with insufficient tightening risks.

Majority supported one more rate hike to bring down inflation.

Since meeting, higher bond yields may contribute to tighter conditions without more hikes.