Fed officials were strongly leaning towards a rate cut at their September policy meeting last month, with several even willing to cut borrowing costs immediately, according to meeting notes. Fed officials left rates unchanged at the FOMC meeting last month, but opened the door to a rate cut at the September 17-18 meeting. At the July meeting, "an overwhelming majority" of policymakers "believed that easing at the next meeting might be appropriate if data continued to match expectations," the minutes show. They also noted that "many" Fed officials viewed the interest rate stance as restrictive, with "some participants" arguing that unchanged rates would mean monetary policy would add to the drag on economic activity as inflationary pressures continued to cool. The meeting notes also showed that while all Fed officials agreed to keep rates steady in July, "several" policymakers said progress on reducing inflation in the face of rising unemployment "provided a valid justification for a 25 basis point reduction in the target range at this meeting, or they could have supported such a decision".