FOMC Minutes: A substantial majority of participants supported a 50 basis point cut

"Substantial majority" supported 50bp cutCommittee gained "greater confidence" inflation moving sustainably toward 2% goalRisks to employment and inflation goals now seen as "roughly in balance"Economic activity expanding at "solid pace", job gains slowed but unemployment remains lowInflation made "further progress" but still "somewhat elevated"Most participants see balanced risks to inflation outlookSome members would have preferred 25bp cut, citing still-elevated inflation and solid growthBowman dissented, preferring 25bp cut due to core inflation well above targetMembers anticipate moving toward more neutral policy stance over time if data evolves as expectedCommittee will "carefully assess" data for additional rate adjustments This article was written by Adam Button at www.forexlive.com.

Oct 10, 2024 - 00:50

"Substantial majority" supported 50bp cut
Committee gained "greater confidence" inflation moving sustainably toward 2% goal
Risks to employment and inflation goals now seen as "roughly in balance"
Economic activity expanding at "solid pace", job gains slowed but unemployment remains low
Inflation made "further progress" but still "somewhat elevated"
Most participants see balanced risks to inflation outlook
Some members would have preferred 25bp cut, citing still-elevated inflation and solid growth
Bowman dissented, preferring 25bp cut due to core inflation well above target
Members anticipate moving toward more neutral policy stance over time if data evolves as expected
Committee will "carefully assess" data for additional rate adjustments

This article was written by Adam Button at www.forexlive.com.