The U.S. Federal Reserve officials were willing to cut the target range for the federal funds rate, according to the minutes of a Federal Open Market Committee (FOMC)'s September meeting, released on Wednesday.
According to the minutes, officials said labor market conditions had softened, noting the pace of employment increases had slowed.
In support of the Committee's goals and in light of the shift in the balance of risks, almost all members agreed to lower the target range for the federal funds rate by 1/4 percentage point to 4 to 4-1/4 percent.
Compared with the staff forecast prepared for the July meeting, the projection of real GDP growth was revised up somewhat, on balance, for this year through 2028, primarily reflecting stronger-than-expected data for both consumer spending and business investment as well as financial conditions that were projected to be a little more supportive of output growth, the minutes said.
Additionally, tariff increases were still expected to raise inflation this year and to provide some further upward pressure on inflation in 2026. Inflation was projected to decline in 2026, to reach the Fed's 2 percent target in 2027, and to remain there in 2028.
Fed officials show willingness to cut rate: minutes
Fed officials show willingness to cut rate: minutes
Fed officials show willingness to cut rate: minutes
The United States and Ukrainian delegations on Saturday concluded three-day talks in Miami, Florida, where the two sides focused on territorial issues and U.S. security guarantees for Ukraine, U.S. online media outlet Axios reported.
Sources told Axios that the discussion on territory was "difficult" as Russia continued to demand that Ukraine withdraws from parts of Donbas it currently controls, while the United States was trying to develop new ideas to bridge the gap.
Another major topic was U.S. security guarantees for Kiev, on which the parties made "significant progress" and moved closer to agreement, though further work is needed to ensure both sides interpret the draft framework consistently, according to the report.
Ukrainian President Volodymyr Zelensky said on Saturday that the Miami talks concluded with a two-hour phone call between himself and U.S. President Donald Trump's Special Envoy for Peace Steven Witkoff and Trump's son-in-law Jared Kushner.
Ukraine's peace negotiators -- Secretary of National Security and Defense Council Rustem Umerov and Chief of General Staff Andriy Hnatov -- also joined the conversation.
Zelensky described the call on X as "long and substantive," noting that the sides discussed key points needed to end the bloodshed.
He stressed that Ukraine remains committed to working with the United States "in good faith" to "genuinely achieve peace" and said both sides agreed on next steps and formats for continued talks.
Ukraine's negotiating team is expected to return to Europe on Monday and brief Zelensky in London on the latest U.S. proposals.
US, Ukraine wrap up 3-day Miami talks on territorial issues, security guarantees
