Photo: The Marriner S. Eccles Federal Reserve building in Washington, D.C. The Marriner S. Eccles Federal Reserve building in Washington, D.C.

Several Federal Reserve officials acknowledged there was a plausible case for cutting interest rates at their meeting on July 30 and 31, before the central bank's policy committee voted unanimously to keep rates steady.

"Several observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target range 25 basis points [bps] at this meeting or that they could have supported such a decision," minutes from the Federal Open Market Committee (FOMC) meeting, published Wednesday in Washington, said. "The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."

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