A 'substantial majority' of U.S. Federal Reserve officials at the central bank's September meeting supported beginning an era of easier monetary policy with ...
WASHINGTON - A "substantial majority" of U.S. Federal Reserve officials at the central bank's September meeting supported beginning an era of easier monetary policy with an outsized half-point rate cut, but there appeared even broader agreement that the initial move would not commit the Fed to any particular pace of rate reductions in the future, according to just-released minutes of the two-day session.
The minutes provided further detail on the breadth of opinion within the Federal Reserve as policymakers approved a rate cut of a size usually reserved for moments when the central bank is worried the economy is slowing fast and needs the support of looser financial conditions. Incoming data would determine how policy evolved, the minutes said, while noting that if the economy behaves as expected "it would likely be appropriate to move toward a more neutral stance of policy over time."
More recent jobs data showed a rebound in employment growth and a drop in the unemployment rate. Revisions to prior months data also boosted the July payroll gains to 144,000 from 89,000, erasing a particularly weak reading that some Fed officials said might have prompted a rate cut that same month had it been known at that time.It's never too early to stock up! Save big on this year's cheeriest countdowns from Lego, Funko Pop! and more.
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