Minutes released Oct. 7 show that most Federal Reserve participants at the Sept. 15–16 meeting thought another rate increase could be appropriate before year’s end if inflation remained elevated. Several participants also favored caution, saying policymakers should assess incoming evidence and the effects of September’s move. The minutes record a discussion; they are not a decision about the October meeting. After its September meeting, the Fed had set the federal funds target range at 3.75 to 4 percent, and its next scheduled meeting was Oct. 27–28. Changes in the policy rate can affect borrowing costs across the economy, but the minutes do not predict a specific mortgage, credit-card or small-business rate for any borrower.