• The U.S. government shutdown is delaying many crucial economic data releases (jobs, inflation reports, etc.), which weakens the Fed’s visibility into the economy just when they need it most. 

• Because of those delays, the FOMC minutes from the September meeting become extra important: they may reveal internal views, disagreements, and the balance of hawkish vs dovish sentiment among policymakers. 

• The minutes are expected to shed light on how much concern officials had about the labor market, inflation momentum, and whether some were pushing for more aggressive cuts vs others favoring caution. 

• In this uncertain environment, the Fed is more likely to proceed “meeting by meeting” — reacting to incoming data (or proxies) rather than committing to a fixed path. 

• Some members are wary of cutting too fast and risking inflation rebound; others view easing as necessary to support a weakening labor market. There’s tension between the inflation mandate and employment mandate.