The recently released minutes from the Fed's September meeting are consistent with the post-meeting statement, revealing the key considerations of the current monetary policy.

Economic data shows that growth is moderating, and there are slight signs of weakness in the labor market. Although the unemployment rate remains low, it has seen a slight increase. At the same time, inflation levels are still above the central bank's target and have recently shown a slight rebound.

In this complex situation, the Fed's policy focus is on seeking a balance between employment and inflation. Most committee members believe that the current policy rate is close to neutral, and future policy adjustments will rely more on changes in economic data.

The meeting minutes show that it has become a consensus among committee members that there may be 1-2 more rate cuts within the year. The specific timing and magnitude of the rate cuts will depend on whether core inflation can continue to decline and the trends in the employment market.

However, the committee members have differing views on the structural factors of inflation. Some members believe that short-term factors such as tariffs are driving up inflation, while others are concerned that even after excluding these temporary disturbances, inflation remains high. Everyone agrees that whether core inflation can approach the 2% target is crucial.

It is worth noting that the downward revision of the March employment data has strengthened the necessity for an accommodative monetary policy. This revision indicates that the previously perceived strong job market may have been overestimated.

The current interest rate cut can be seen as a defensive easing, aimed at releasing policy space in advance to avoid larger adjustments that may occur in the future. The market has reacted calmly to this, viewing it as a positive signal.

Overall, the Fed seems to have entered a defensive easing phase, cautiously balancing between slowing economic growth and inflationary pressures. This prudent attitude reflects decision-makers' deep insights into the current economic situation and long-term considerations.