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Fed Chairman Jerome Powell

An increasingly divided Federal Reserve that decided to hit pause in its easing cycle after a rate cut at its October meeting offered little guidance on what would cause policymakers to change their minds on the outlook, minutes of the central bank’s last policy meeting showed.

Reuters reported that the readout, released Wednesday (Nov. 20), of the Oct. 29-30 policy discussion, at which the Fed voted 8-2 to lower interest rates by a quarter percentage point, also showed policymakers further discussed the possibility of setting up a standing repo facility in the wake of recent ructions in short-term money markets.

“Most participants judged that the stance of policy, after a 25 basis point reduction at this meeting, would be well calibrated to support the outlook of moderate growth, a strong labor market and inflation near the committee’s symmetric 2% objective,” the Fed said in the minutes.

After the meeting, Fed Chair Jerome Powell signaled the Fed was effectively on hold with interest rates and said that would only change if there was a “material” change in the U.S. economic outlook.

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