Federal Reserve releases minutes from July meeting
Federal Reserve officials who voted to lower interest rates three weeks ago agreed that the move shouldn't be viewed as an indication that there is a "pre-set course" for future cuts, according to meeting minutes released Wednesday.
Ultimately, the Federal Open Market Committee, which sets monetary policy, voted to lower the central bank's benchmark rate by 25 basis points to a target range of 2% to 2.5%. It was the first rate cut in 11 years, dating to the financial crisis.
The disclosure comes amid President Donald Trump's repeated clamoring for more aggressive cuts. He penned multiple tweets Wednesday hectoring the central bank for its slow pace of easing. Ultimately, even though members agreed the economy had been showing some improvement in the days leading up to the meeting, they agreed to the rate cut.
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