**[Federal Reserve Meeting Minutes Raise GDP Growth Forecast, Unemployment Rate Expected to Decline]**
The Federal Reserve's October meeting minutes indicate a slight increase in the real GDP growth forecast through 2028, primarily due to improved potential output growth and supportive financial conditions. After 2025, the drag from tariffs is expected to weaken, with GDP growth projected to remain above potential levels through 2028, and financial conditions serving as a tailwind for spending. The unemployment rate is expected to gradually decline after this year and stabilize at a level slightly below the estimated natural rate of unemployment. Inflation forecasts are similar to those from the September meeting, with tariff increases anticipated to exert pressure on inflation in 2025 and 2026, followed by a return to a disinflationary trend. Staff members noted that the forecasts face significant uncertainty due to factors such as labor market cooling, elevated inflation, policy changes, and the impact of government shutdowns on data collection.