The Marriner S. Eccles Federal Reserve building in Washington, D.C.
Federal Reserve Chair Jerome Powell received some pushback on the half-point interest rate cut in September, as some officials preferred a smaller, quarter-point cut.
"Some participants observed that they would have preferred a 25 basis point [bps] reduction of the target range at this meeting, and a few others indicated that they could have supported such a decision," according to the minutes of the Federal Open Market Committee's (FOMC's) meeting on September 17 and 18, released Wednesday in Washington. However, all participants believed it was appropriate to reduce borrowing costs.
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