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The Federal Reserve will be releasing its meeting minutes from the September 18th monetary policy meeting.
The Federal open market committee (FOMC) cut interest rates by 25 basis points to 1.75% – 2.00%.
This was the second rate cut from the Fed this year. In its monetary policy statement, the Fed said that slowing global growth and worsening trade tensions led it to deliver a rate cut.
However, the rate cut had dissenting votes this time.
While seven members of the FOMC voted for a rate cut (including Fed Chair, Jerome Powell), two members (Esther George and Eric Rosengren) wanted to leave rates unchanged.
Both these members also voted against a rate hike at the July Fed meeting.
One member of the FOMC (James Bullard) wanted to cut rates even further.
July’s rate cut was a major shift in the Fed’s monetary policy from just last year. The rate cuts come amid President Trump’s call for the Fed to lower the Fed funds rate by a full percentage point.
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