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Fed officials widely divided on rates at July meeting
WASHINGTON — Federal Reserve officials were widely divided at their meeting last month when they decided to cut rates for the first time in a decade, with some arguing for a bigger rate cut while others insisted the Fed should not cut rates at all.
The minutes of the July 30-31 discussions released Wednesday show two officials believed the Fed should cut its benchmark policy rate by a half-percentage point, double the quarter-point reduction the central bank eventually agreed upon. On the other end, some Fed officials argued for no rate cut at all, believing that the economy was beginning to improve after a soft patch in the spring.
The minutes did not indicate any consensus on the pace of future cuts.
Financial markets have been turbulent since the July 31 rate cut, diving 800 points one day last week on the Dow Jones Industrial Average, as bad news has piled up in terms of the slowing global economy and the latest developments in President Donald Trump’s trade war with China.