According to BlockBeats, on October 10, "Federal Reserve mouthpiece" Nick Timiraos said that at last month's meeting, Federal Reserve officials were divided on the issue of the extent of the rate cut. The vast majority supported the larger 50 basis point rate cut that was eventually approved, but others supported a smaller 25 basis point rate cut. The just-released minutes of the meeting revealed the discussion about why officials chose to start the first rate cut since 2020 with a bolder 50 basis points. The decision to cut interest rates to a range of 4.75% to 5% was supported by 11 of the 12 members of the Federal Reserve's interest rate-setting committee. One policymaker opposed the decision and supported a smaller cut. The minutes said that those who supported a larger rate cut "generally believed that this readjustment of the monetary policy stance would begin to better align it with recent inflation and labor market indicators." Some of these officials believed that a 25 basis point rate cut was "reasonable" at the last meeting in late July, and that recent data only confirmed the reason for the rate cut. (Golden Ten)