Fed chairman Jerome Powell at a press conference in September. Photo: Saul Loeb/AFP via Getty Images

The decision to remove the long-standing "accommodative" language from the Federal Reserve's policy statement was not unanimous among officials, according to the minutes from the Fed's latest policy meeting.

Why it matters: There was a ton of speculation that dropping the language meant the Fed was getting closer to a neutral rate, which would not speed or slow economic growth. Per the minutes, officials argued that waiting to revise the statement would convey a "false sense of precision" about the neutral rate. They also thought the decision would fail to "signal a change" in the expected interest rate hike path.

Other key takeaways:

  • Fed officials said that a "gradual approach" of raising rates would prevent moving too fast or too slow. (For the record, President Trump thinks they are already moving too fast.)
  • Officials said the trade war with China is "judged to have only a small net effect on real GDP growth over the next few years."

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 18,187,396 — Total deaths: 691,352 — Total recoveries — 10,841,436Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 4,711,323 — Total deaths: 155,379 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.