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Most US Federal Reserve officials signalled readiness to cut interest rates in September

July meeting minutes show ‘vast majority’ of policymakers thought move to lower borrowing costs was ‘appropriate’

Federal Reserve officials last month signalled their readiness to start cutting interest rates at their September meeting in the face of slowing job growth and easing inflation.

According to minutes of their July meeting released on Wednesday, the “vast majority” of Fed officials said “it would likely be appropriate to ease policy at the next meeting” if the economic data came in as expected.

At the July meeting, the Federal Open Market Committee again held rates steady at a 23-year high of 5.25-5.5 per cent, but policymakers converged around the need to start cutting rates next month.

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