Fed steaming toward September rate cut

Policy hotspot: A jogger passing the Fed building in Washington. Some observers say any doubts about the central bank cutting rates next month have been removed. — Reuters

WASHINGTON: The US Federal Reserve (Fed) appears to be very much on track for an interest rate cut in September after a “vast majority” of officials said such an action was likely, according to the minutes of the US central bank’s July 30-31 meeting.

The minutes, which were released on Wednesday, even showed some policymakers would have been willing to reduce borrowing costs at last month’s gathering.