Fed officials split on September rate cut

At its September meeting, the Federal Reserve approved a 50 basis point rate cut, though some officials preferred a smaller 25 basis point reduction, according to meeting minutes as CNBC has reported. Governor Michelle Bowman was the only official to vote against the half-point cut. The decision came as nonfarm payrolls rose by 254,000 in September, while unemployment dipped to 4.1%. Recent data suggests future cuts may not be as aggressive. Treasury yields have surged by 40 basis points since the meeting.