'Substantial majority' of Fed members backed jumbo rate cut in Sept: Fed minutes
Investing.com – A"substantial majority" of Federal Reserve policymakers backed the central bank's jumbo rate cut in September, though some members preferred to kick off the rate cutting cycle with a more modest cut on worries about economic and labor market strength, according to the minutes of the Federal Reserve’s Sept. 17-18 meeting, released Wednesday.
The decision wasn't unanimous as Federal Reserve Governor Michelle Bowman preferred to lower rates by just 25bps. At the meeting, the Fed's summary of economic projections, or SEPs, showed that Fed members changed their forecast on rate cuts. They estimated the need for another 50 basis points of cuts compared with a prior estimate in June for just one cut, with several further cuts, which would eventually take the central bank's benchmark rate to 2.9% in 2026.
Following the strong September jobs report, however, some Fed members continued to back further rate cuts, welcoming the strength in the labor market as sign the economy remains on track for a soft landing.
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