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Fed Meeting Minutes Show Divisions over December Rate Cut
Divisions over whether the Federal Reserve should implement another cut to interest rates next month deepened at the Federal Open Market Committee’s October meeting, according to published reports. “Participants expressed strongly differing views about what policy decision would most likely be appropriate at the committee’s December meeting,” according to minutes of the meeting released Wednesday afternoon.
The FOMC voted 10-2 to cut rates by a quarter point last month to a range between 3.75% and 4%. However, the Wall Street Journal reported the minutes showed several officials—likely presidents of Fed banks who participated in the meeting but don’t have a vote on the rate-setting body—opposing last month’s decision to lower rates by a quarter point.
CNBC reported that “many” FOMC members opined at the October meeting that no further cuts are needed this year. That being said, seven of the 19 FOMC members do not vote, so it’s unclear how the sentiment of the voting members is set for a December move, reported CNBC.
- ◦Financing
- ◦Policy/Gov't
