The Fed's September rate cut now looks even more controversial

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