Federal Reserve officials were leaning towards lowering interest rates in September, with disagreement only on how many cuts to make. Meeting minutes revealed a consensus on cutting the key overnight borrowing rate due to labor market weakness. Some officials debated between two or three total reductions, including the quarter point cut in September.

Survey results showed most respondents expected a 25 basis point cut in the federal funds rate at the September meeting, with around half anticipating an additional cut in October. The majority expected at least two cuts by year-end, with half expecting three cuts in total. Stay tuned for more updates on this developing story.

Read more at CNBC: Fed minutes September 2025