By Michael S. Derby and Dan Burns
As the focus shifts to September for the start of Federal Reserve interest rate cuts, some U.S. central bankers were already eager to kickstart the debate at last month's policy meeting.
Find out how many were in favor and how united policymakers were in targeting the Fed's Sept. 17-18 meeting for lowering borrowing costs when the minutes of the July 30-31 meeting are revealed on Wednesday.
At the end of the meeting, the Fed's policy-setting committee left rates unchanged but introduced key policy statement changes that paved the way for a rate cut in the upcoming meeting.
Fed Chair Jerome Powell hinted at a potential rate cut in September, citing factors like inflation trends, strong economic growth, and labor market conditions.
The recent news of a slowdown in payrolls growth and a rise in the unemployment rate further fueled expectations for a rate cut next month.
Analysts predict a high probability of a rate cut in September, with the size of the cut being the only point of contention among investors.
The upcoming minutes will provide insights into the extent and pace of the imminent policy easing, with interest rate futures markets already pricing in a rate cut next month.
Stay tuned for more updates on the Federal Reserve's interest rate cuts and how they could impact your finances.
Analysis: The Federal Reserve is likely to cut interest rates in September to stimulate economic growth and combat any potential slowdown. This move could lead to lower borrowing costs for consumers and businesses, making it easier to access credit and potentially boosting spending and investment. Keep an eye on future developments to make informed decisions about your finances.