Federal Reserve officials were at odds over the US central bank’s decision to lower interest rates by a half-point last month, according to a record of the meeting released on Wednesday.
Minutes from the September meeting indicated support for a gradual pace of rate cuts in future, but showed some divisions across the Federal Open Market Committee as the central bank embarked on its first easing cycle since 2020.
September’s rate decision, which lowered the policy rate to 4.75-5 per cent, was not unanimous, with Michelle Bowman becoming the first governor to dissent since 2005. She argued that a more “measured” quarter-point cut would “avoid unnecessarily stoking demand”.
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