Federal Reserve officials set an October start for shrinking their $4.5 trillion stockpile of assets, moving to unwind a pillar of their crisis-era support for the economy. They continued to forecast one more interest-rate hike later this year, saying storm damage will have only a temporary impact on the economy.


Minutes from the July meeting showed deepening worries about a prolonged period of low inflation. FOMC participants -- including Fed governors and regional bank presidents -- forecast that inflation will reach their 2 percent target in 2019, compared with an expectation of 2018 in June, based on median estimates. They have missed the target for most of the past five years.

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