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Fed chairman Jerome Powell.
Minutes from the Fed's September policy meeting were released Wednesday, showing there was likely more opposition to its rate cut than just the 2 dissenting votes that were cast.
Details: The minutes showed debate had grown about when the Fed should stop cutting rates and "several members" wanted to keep rates on hold.
- The term "several" also was used to describe the number of officials who believed recent data showed inflation was nearing the Fed's target.
- "A few" officials said they believed the market was pricing in too much policy easing from the Fed.
Be smart: One thing has become abundantly clear after the release of the Fed's minutes and Chairman Jerome Powell's speech in Denver on Tuesday: The Fed is going to start buying U.S. Treasury bills.
- "Bill purchases seem like a near certainty, and the size of the net buying could be in the hundreds of billions of dollars over the next year and a half," Bob Miller, BlackRock’s head of Americas fundamental fixed income, said in a note.
Go deeper: The world according to Jerome Powell