Federal Open Market Committee members were divided ahead of the Federal Reserve’s quarter-point rate cut decision on July 31, the meeting’s newly-published minutes reveal.

The minutes show that while a majority of members favoured reducing the interest rate range by 25 basis points, committee members expressed a wide range of views.

Those who favoured the cut said it would be a “prudent step from a risk-management perspective”. A “couple” of members preferred a 50bp reduction, noting the need