Fed Minutes Show ‘Close Call’ on April Rate Cut

Federal Reserve officials viewed the decision to cut the benchmark interest rate last month as a close call, according to minutes of the meeting released Wednesday.

“Risks to growth were now thought to be more closely balanced by the risks to inflation,” the minutes of the April 29-30 Fed minutes said.

At the meeting, Fed cut the federal funds interest rate a quarter-point to 2%.

Several policy makers judged that it was “unlikely to be appropriate” to lower rates further unless data indicated a “significant weakening” in the economy’s outlook.

The vote was not unanimous, as two Fed governors dissented from the action, voting for no change in the rate.