All policymakers supported raising the target range for the federal funds rate by 25bps to 3.75%-4%, minutes from the September 15–16, 2026 FOMC meeting showed. Participants generally emphasized that inflation remained elevated while the labor market appeared to be near full employment, with some signs of strengthening, and that economic activity was expanding at a solid pace. Furthermore, almost all participants assessed that, while inflation risks were tilted to the upside, risks to the labor market had diminished and were now broadly balanced. With regard to the outlook for monetary policy beyond the September meeting, most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end. Participants emphasized, however, that they approached each meeting with an open mind and decisions at future meetings would depend on incoming information and its implications for the outlook and the balance of risks.