The recent Federal Reserve meeting minutes released key signals. The committee members generally agree on the current economic outlook: economic activity remains modestly expanding, but employment has clearly cooled down. Data shows that this year's employment growth has significantly slowed, and the unemployment rate has shown signs of rising as of September.

More notably, inflationary pressures deserve attention. Since the beginning of the year, the inflation rate has continued to rise and remained at high levels, with committee members remaining vigilant. Under the framework of the dual mandate, the Federal Reserve is closely monitoring risks on both sides, with downside risks to employment increasing in recent months. This subtle shift in policy stance suggests that future monetary policy may face more complex balancing considerations.