🔥 The Fed minutes showed that officials at the September meeting agreed to cut rates, but they were uncertain about how much was needed, ultimately deciding on a 0.5% cut to balance confidence about inflation with concerns about the labor market.
In the end, only one member of the committee, Governor Michelle Bowman, voted against the 0.5% cut, saying she wanted a 0.25% cut. However, the minutes also showed that several other members also supported a smaller cut. It was the first time a governor had dissented in a rate vote since 2005.
The minutes also noted that several members had supported a cut at the July meeting but that did not happen.
Overall, the minutes of this meeting did not surprise, it continued to show that the Fed was ready to cut interest rates from July, and the size of future interest rate cuts is still being debated.
