FOMC minutes: Most fed policymakers believed 25 basis point cut needed

• The Federal Reserve's meeting minutes showed most policymakers saw 25 bps cut warranted.
• Policymakers were generally more concerned about risks associated with trade tensions.
• The US Dollar Index largely ignored the meeting minutes.

According to the minutes from the Federal Open Market Committee's (FOMC) September 17-18 monetary policy meeting, most policymakers believed that a 25 basis points rate cut was needed citing economic outlook, risk management and inflation objectives.

The US Dollar Index largely ignored the statement and was last flat on the day at 99.12. Below are some other key takeaways as reported by Reuters.

"Several participants said statistical models on the likelihood of a recession in medium-term had increased notably in recent months."

"Policymakers generally more concerned about risks associated with trade tensions, geopolitics and global economy."