Even in the midst of a severe meltdown on Wall Street, Federal Reserve officials at their September meeting believed the risks from weaker growth and higher inflation were roughly equal.

The Fed officials discussed the financial turmoil during their closed-door meeting on Sept. 16, according to minutes released Tuesday. The meeting occurred a day investment bank Lehman Brothers collapsed _ the largest bankruptcy in U.S. history. It was also hours before the Fed announced it was extending an $85 billion loan to rescue American International Group, the world’s largest insurance company.

While concluding that no change was needed in interest rates at the September meeting, the minutes showed some members said a policy response from the central bank might be needed.