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The minutes released Wednesday also showed that policymakers agreed that the Fed would need to discuss expanding its balance sheet soon after the short-term currency market turmoil. Federal Reserve Chairman Powell announced Tuesday that the time has come to expand the balance sheet again.
Federal Reserve policymakers voted seven in favor and three against the target range of overnight lending rates by 0.25 percentage points to 1.75% - 2% at the September 17-18 meeting.
The minutes of the Federal Reserve meeting show that "most of the participants believe that it is appropriate to reduce the target range of the Federal Fund Interest Rate by 25 basis points." The Federal Reserve has cut interest rates twice this year, up to nine times between 2015 and the end of 2018.
However, it is still not clear from the minutes of the meeting how the weakening of economic data released after the September meeting will affect policymakers'views on the need for further interest rate cuts, if necessary.
Seven out of 17 policymakers said they expected to cut interest rates again this year. Five policymakers saw no need for further interest rate cuts, and five others expected to raise interest rates once before the end of 2019. Investors generally expect the Fed to cut interest rates again at its next meeting on October 29-30.
Since the September meeting, economic data have heightened concerns that the impact of trade tensions is spreading to the wider economic sphere. Manufacturing activity in the United States fell to its lowest level in more than a decade in September, while service sector activity slowed to a three-year low. Consumer spending, which has been driving U.S. economic growth in recent years, has also begun to slow down.


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