Federal Reserve Governor Michael Barr said the central bank's base case calls for further policy adjustments to return inflation to its 2% target, citing stronger inflation risks as concerns over employment have eased. New York Fed President John Williams said one further increase remained his base case for the year but saw no urgency to act at the next meeting, prompting market-implied odds of an October quarter-point hike to fall to about 50% from roughly 70%. The Fed raised its federal funds target range by 25 basis points to 3.75%-4% at its Sep. 16 meeting, with all 12 voters supporting the decision. Barr pointed to energy costs, Middle East uncertainty and demand tied to artificial intelligence investment as potential sources of persistent price pressure, while noting that only two of the past 20 months showed core PCE inflation consistent with target. August PCE data and September employment figures are due before the next policy decision.