Fed minutes show caution over inflation even as rates cut

Federal Reserve officials say they would weigh risks both to inflation and employment as they considered their next move. Photo by Erin Scott/Bloomberg/Postmedia files

United States Federal Reserve officials showed a willingness to lower interest rates further this year, but many expressed caution driven by concerns over inflation at their policy gathering last month.

“Most judged that it likely would be appropriate to ease policy further over the remainder of this year,” according to minutes of the Federal Open Market Committee’s Sept. 16-17 meeting. The record of the meeting also showed “a majority of participants emphasized upside risks to their outlooks for inflation .”

Officials at that gathering voted 11-1 to lower interest by a quarter percentage point to a range of