Federal Reserve officials signalled support for a gradual pace of interest rate reductions after September’s larger-than-usual half-point reduction, a record of the meeting showed. Minutes from the September meeting underscored that US central bankers were inclined to lower interest rates to a “neutral” setting that no longer crimps growth “over time”,

Federal Reserve officials agreed that more rate cuts were likely but seemed to be in two camps about the pace and the size of the moves, according to the minutes of the meeting. Some officials warned against lowering rates "too late or too little" because this risked harming the labor market.