Federal Reserve Meeting Minutes: Nearly All Committee Members Agreed to a 25 Basis Point Rate Cut

BlockBeats News, October 9th. The Federal Reserve meeting minutes mentioned that participants unanimously agreed that recent indicators show a slowdown in economic activity in the first half of this year. To reflect the latest labor market conditions, they agreed to no longer describe the labor market situation as "strong" but to instead characterize it as employment growth having slowed, the unemployment rate having edged up slightly but remaining at a low level.

Participants unanimously agreed that inflation remains slightly high and agreed to add that inflation has risen somewhat. They agreed that the Committee should focus on risks to its "dual mandate" and added that the downside risks to employment have increased to reflect their concerns about the labor market.

To support the Committee's goals and considering changes in the risk balance, almost all members agreed to lower the federal funds rate target range by 25 basis points to 4%-4.25%. One member voted against this decision, advocating for a 50 basis point rate cut. (Kinling)