Fed minutes show all 19 FOMC participants backed September rate rise
Officials concluded they were not making enough progress on inflation, citing price data, geopolitics and the artificial intelligence buildout.
By The Carnegie Standard News Desk
· 1 min read
Minutes from the Federal Reserve's September meeting showed that the decision to raise interest rates had the support of all 19 participants on the Federal Open Market Committee, including those who do not hold a vote, Bloomberg reported on October 7.
Mike McKee of Bloomberg said the record of the meeting showed officials believe they are not making enough progress on inflation. He pointed to three factors cited in the committee's discussion: recent inflation readings, the geopolitical situation and the buildout of artificial intelligence capacity.
The FOMC includes both voting members and non-voting regional Federal Reserve bank presidents who take part in policy discussions. The minutes indicated agreement across the full group rather than only among those casting votes on the rate decision.
This story was first reported by Bloomberg.
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