Fed minutes show some officials wanted smaller rate cut

Federal Reserve meeting minutes released Tuesday indicate that some officials were hoping for a quarter-point, short-term cut in interest rates last month instead of the half-point cut that was ultimately approved. That could mean officials will be reluctant to impose any rate cut at the central bank's October meeting. Bill Gross, founder and managing director at Pacific Investment Management Co., said recently that he agreed the Fed would hold rates steady at its next meeting, but he expects it to cut rates more later.

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