In the end, the Fed lowered its key fee by 0.25 p.c to roughly 4.3 p.c. Cleveland Fed President Beth Hammack dissented, favouring no change to charges.
After three consecutive fee reductions, officers broadly agreed it was time to undertake a extra measured strategy.
In line with the minutes, policymakers acknowledged the Fed “was at or close to the purpose at which it could be applicable to sluggish the tempo of coverage easing.”
The choice to cut back cuts means borrowing prices for houses, automobiles, and bank cards are anticipated to stay elevated this yr.
Projections launched after the assembly indicated the Fed plans simply two fee cuts in 2025, down from 4 in earlier forecasts.