Updated

The Federal Reserve released minutes from its September 15-16 policy meeting, revealing that officials see the possibility of another rate hike but gave no indication of timing. Many officials viewed the September increase as a precautionary move in case inflation proves sticky, and minutes showed no broad appetite for a series of additional hikes, suggesting a cautious, data-dependent stance going forward. The mixed signals have fueled active positioning in options markets, where traders have been betting on a dramatic eventual drop in interest rates, favoring long-term bonds and utilities, even as near-term hike risk remains priced in by some.