The U.S. economic highlight at midweek was this afternoon's release of the minutes from the Federal Reserve's Federal Open Market Committee (FOMC) meeting that was held in late-September. The minutes confirmed the U.S. economy is on a strong growth path, which FOMC members said likely warrants further, gradual increases in interest rates.
The FOMC minutes said the Fed may, for a while, move interest rates into a "restrictive" mode. However, the Fed wants to keep U.S. economic growth on an even keel.
On the inflation front, the minutes saw a slight upward revision in inflationary pressures. Some FOMC members saw acceleration in labor costs, but still only modestly.
Some on the committee also said a stronger U.S. dollar could crimp economic growth and produce higher inflation.
The recent U.S. hurricanes will only impact the U.S. economy in a modestly negative fashion, the minutes said.