Most banks didn't want to cut

Five US regional Fed banks wanted to cut rates in September when seven wanted to hold, the discount meeting minutes show.

The minutes are the softest way for policymakers to dissent. Ultimately, the Fed governors hold enough sway to push through whatever they want but dissent can percolate.

The minutes showed five looking for a cut:

  • Minneapolis
  • St Louis
  • Chicago
  • Dallas
  • San Francisco

The remainder preferred no change.

The market is pricing in a 70% chance of another rate cut this month but the minutes show that it will undoubtedly be a lively debate.