Fed minutes show most officials leaned toward a September rate cut

Depending on economic data

Most US Federal Reserve officials signalled their readiness to cut interest rates at their September meeting, as US inflation dropped for the first time in three years to below 3% and the labour market cooled down.

According to minutes of their July meeting published on Wednesday (22 August), US central bank officials noted the incoming data had bolstered their confidence that inflation was "moving sustainably" towards the Federal Open Market Committee's 2% target, warranting a first cut as soon as next month. "The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the July report read. Fed rate setter calls for gradual interest rate cuts – reports However, most participants in the meeting added ...