Minutes show Fed officials think cuts done for year

Most Federal Reserve officials believed last month that the three rate cuts they have made this year would be enough unless the economy weakened significantly.

The minutes of the October Fed meeting, released Wednesday, reveal that “most participants” thought that this year’s rate cuts would be sufficient to support moderate growth, a continued strong job market and inflation rising toward the Fed’s 2 percent target level.

A “couple” of Fed officials suggested that this view should be reinforced by additional comments after the meeting that more cuts were “unlikely in the near term” unless the economy slowed significantly.

The consensus among economists is that the Fed will pause after having cut rates three times in 2019, with its benchmark rate now in a range of 1.5 percent to 1.75 percent. The central bank’s key rate influences many consumer and business loans.