FOMC minutes: Most policymakers said rate cut was warranted due to global weakness

According to the minutes from the Federal Open Market Committee's (FOMC) October 29-30 monetary policy meeting, most policymakers said the rate cut was appropriate while noting that it was warranted due to global weakness.

Markets largely ignored the FOMC's meeting minutes and the US Dollar Index was last up 0.12% on the day at 97.95. Below are some key takeaways from the statement, as reported by Reuters.

Key excerpts from the minutes:

"Most Fed policymakers judged that after October 30 rate cut, policy level would be appropriate barring material reassessment of outlook."

"A couple of policymakers said Fed should reinforce statement with communications that another rate cut unlikely without signs of significant slowdown."

"Some policymakers favored keeping rates steady, arguing outlook was favorable and inflation expected to rise."

"A couple of policymakers said they supported October 30 rate cut but it was a close call."

"A few policymakers said reasons for cutting reinforced by proximity of fed funds rate to effective lower bound."

"Several policymakers expressed concern some banks had reduced capital buffers when they should be rising."

"Policymakers divided on inflation outlook; a few saw sub-2% for some time; some others said weakness temporary; a couple saw it over 2% in 2020 due to tariffs."

"Policymakers discussed risks to economic outlook which remained tilted to the downside."

"In a review of strategy, all policymakers said negative interest rates not an attractive tool; could reassess if warranted."