Fed meeting minutes: Almost all members agreed to cut interest rates by 25 basis points

The Federal Reserve meeting minutes noted that participants agreed that recent indicators suggest that economic activity growth has slowed in the first half of the year. To reflect the latest developments in the labor market, they agreed to no longer describe labor market conditions as "solid," instead stating that job growth has slowed and the unemployment rate has risen slightly but remains low. Participants agreed that inflation remains somewhat elevated and agreed to add that inflation has increased. They agreed that the committee should focus on risks to both aspects of its "dual mandate" and added that downside risks to employment have increased, reflecting their concerns about the labor market. To support the committee's objectives and taking into account the shifting balance of risks, nearly all members agreed to lower the target range for the federal funds rate by 25 basis points to 4%-4.25%. One member voted against this decision, favoring a 50 basis point rate cut. (Jinshi)