Inflation Still Has the Fed’s Attention, Even as Its Next Move Comes Into Question

The Fed’s October call is caught between two signals: Chicago Fed President Austan Goolsbee says inflation matters more than labor-market concerns, while a former Bridgewater strategist warns that policymakers could split over whether to pause or keep raising rates. Goolsbee described the labor market as steady and said, “the inflation side of the Fed’s job is more important.” The Fed recently raised rates, and its minutes are due next week.

Headwinds

• **Inflation...