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Fed Meeting Minutes: Officials Divided on Rate Cut Extent in Sep
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Officials agreed to cut interest rates at the September meeting, but there was disagreement on the extent of the rate cut, according to the minutes of the Fed's monetary policy meeting. The final decision was made to cut interest rates by a half percentage point in order to balance inflation confidence with labor market concerns. The minutes of the meeting detailed the reasons for officials' decision to agree to the first major rate cut in more than 4 years, and showed that members were divided over the economic outlook. Some officials wanted a quarter percentage point rate cut. However, in the end, Governor Michelle Bowman voted against a half percentage point reduction, becoming the first official in nearly 19 years to dissent on an interest rate vote. AAStocks Financial News |
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