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

Bryan Walsh, author of Future
43 mins ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.