Fed officials agreed September interest rate cut looks likely

The “vast majority” of Federal Reserve officials said the central bank would likely cut interest rates in September—while several saw a case to slash rates last month, according to minutes from the policy meeting in late July released on Wednesday.

Why it matters: It's the clearest indication yet the Fed is on track to cut interest rates next month for the first time since 2020 as worries about the health of the economy mount.

What they're saying: The lion's share of Fed officials “observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting,” the minutes from the policy meeting held July 30-31 read.

The intrigue: At that meeting, the Fed unanimously voted to hold rates at a range between 5.25% to 5.5%, the highest level in two decades.