U.S. central bankers may have been more deeply divided than previously understoo...
- U.S. central bankers may have been more deeply divided than previously understood over the decision last month to cut interest rates for the first time in more than a decade, records from meetings held across the Fed’s 12 regional Fed banks suggest.
But those at half of the Federal Reserve’s 12 regional Fed banks still wanted to keep the emergency lending rate for commercial banks unchanged in votes taken as late as just one week before the Fed’s July 30-31 policysetting meeting, the minutes showed. Minutes from the Fed’s policymaking meeting itself, released last week, also revealed divisions among rate-setters, including “several” who wanted no change in rates.
Most of the half of Fed bank directors who supported a rate cut wanted the quarter-point reduction that Fed policymakers ultimately decided on at their July 30-31 policy-setting meeting.
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