Federal Reserve Chair Jerome Powell expressed confidence that inflation is moving closer to the Fed's 2% target, citing a 2.5% increase over the past 12 months. He noted that consumer inflation expectations are well anchored, with the New York Fed's survey showing a forecast of 2.3% over the next three years, the lowest since 2013. Meanwhile, Atlanta Fed President Raphael Bostic emphasized the need for action before inflation reaches 2%, aligning with Kansas City Fed President Jeff Schmid's view that while the labor market is cooling, further progress is necessary. Recent revisions to labor market data indicated a lower job growth rate, raising concerns that the Fed may be lagging behind. Business leaders' inflation expectations have also decreased slightly, with the Atlanta Fed reporting a 2.2% expectation for the year ahead, down from 2.4% in July. Overall, while inflation appears to be under control, the Fed faces challenges in balancing its dual mandate of price stability and maximum employment.