Fed unanimously supported 50 basis point cut

All ten members of rate-setting Federal Open Market Committee (FOMC) were in favour of 50 basis point cut, the minutes of the 18 September meeting reveal.

According to the minutes, no-one raised the possibility of making a less drastic, quarter percentage point cut to the Federal funds rate.

The unanimity indicates that all FOMC members agreed that the problems on Wall Street will hit the real economy in the US. William Poole, the president of the St Louis Federal Reserve and an FOMC member

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