FOMC divided over July cut, minutes show
Some FOMC members worried by effect of rate cut on US financial stability
Federal Open Market Committee members were divided ahead of the Federal Reserve’s quarter-point rate cut decision on July 31, the meeting’s newly-published minutes reveal.
The minutes show that while a majority of members favoured reducing the interest rate range by 25 basis points, committee members expressed a wide range of views.
Those who favoured the cut said it would be a “prudent step from a risk-management perspective”. A “couple” of members preferred a 50bp reduction, noting the need
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