The first point to remember, economists say, is that the Fed believes its current benchmark interest rate — at a range of 4% to 4.25% — is so high that it is actually slowing down the U.S. economy. Fed officials have debated how much it is slowing the economy, but they all agree on this basic fact.

The White House said on Friday there likely will not be a release of inflation data next month due to the U.S. government shutdown.

The U.S. Federal Reserve on Friday advanced an overhaul of its annual "stress tests" of large banks, handing the industry a long-sought win over an exercise that they complain is opaque and onerous.