Fed September Minutes to Cover Rate Path, Inflation and Jobs, Bond Yields

The minutes matter less for what was decided in September than for how officials framed the trade-offs among inflation, employment and Treasury yields — the three inputs that will shape the next move. Because the record is the fullest account of that internal debate, it gives markets a read on how unified the committee actually is, which is often more informative than the decision itself. Whether the discussion shows consensus or divergence on the rate path is the open question worth watching.