The minutes of the mid-September FOMC meeting reveal that support among Fed officials for kicking off the loosening cycle with a bigger 50bp rate cut was a little weaker than the lone dissent on the vote from Governor Michelle Bowman might have suggested. Admittedly, “a substantial majority of participants supported” that 50bp cut, but “some participants” preferred a smaller 25bp reduction and “a few others” indicated that they could have supported a decision in favour of that smaller rate cut.
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