US Federal Reserve minutes show support for rate cuts

The US Federal Reserve released on Wednesday the minutes of its latest policy meeting. It shows that policymakers support further cuts to their key interest rate.

The Fed decided at its September meeting to cut the rate for the first time this year. The minutes show that “almost all” of the members supported the decision, while a “few” said they wanted to keep interest rates on hold. And “most” of them believe it would be appropriate to cut rates further by the end of the year.

Policymakers emphasized the upside risks to their outlooks for inflation and, although they felt that risks to the labor market have risen, it did not show a “sharp deterioration.”

The minutes said officials will weigh both of those factors and take a “balanced approach” as they consider their next move. However, the government shutdown has cut off the release of essential economic data that they rely on.