The Fed released the minutes from its September rate cut meeting. Here's what they reveal

"A majority of Fed officials felt that the risk unemployment would rise had worsened since their previous meeting in July, while the risk of rising inflation "had either diminished or not increased," the minutes said. As a result, the central bank decided at its Sept. 16-17 meeting to reduce its key rate by a quarter-point to about 4.1%, its first cut this year."

"Only one official formally dissented from the quarter-point cut: Stephen Miran, who was appointed by President Donald Trump and was approved by the Senate just hours before the meeting began. He supported a larger, half-point cut instead.But the minutes noted that "a few" policymakers said they could have supported keeping rates unchanged, or said that "there was merit" in such a step."

Most Federal Reserve policymakers supported further reductions to the central bank's key interest rate this year. A majority judged the risk that unemployment would rise had worsened since July while the risk of rising inflation had diminished or not increased. The Fed reduced its key rate by a quarter-point to about 4.1% at the Sept. 16-17 meeting, marking the first cut this year. Rate cuts can gradually lower borrowing costs for mortgages, auto loans, and business loans, encouraging spending and hiring. The 19-person committee remained divided between concerns that rates are too high and warnings that inflation remains above 2%. One official, Stephen Miran, formally dissented in favor of a larger half-point cut.

Read at Fast Company