Washington, Oct. 8 -- Most Federal Reserve officials believed another increase in the US policy rate would likely be appropriate by the end of 2026, even as they acknowledged that future decisions would depend on incoming economic data and the evolving balance of risks, according to the minutes of the Federal Open Market Committee's September meeting.

"Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end," the minutes said, signalling that the rate-hike cycle could continue after the quarter-point increase delivered at the September meeting.

The FOMC had unanimously raised the federal funds target range by 25 basis points to 3.75-4 per cent at the Septemb...