Jay Powell, the Federal Reserve chairman, faced a split among US central bank officials as he pressed ahead with a one-notch interest rate cut last month, with some calling for more aggressive easing and others resisting any action at all, complicating his task as he considers his next steps.

Minutes from the Fed’s last rate-setting committee meeting, which ended July 31, revealed that most US central bank officials saw the 25 basis point reduction in the Fed’s main interest rate as a “recalibration of the stance of policy, or a mid-cycle adjustment, in response to the evolution of the economic outlook”.

Within that general consensus, however, there was a wide range of views on the FOMC. “A couple” of members said they would have preferred a 50bp cut in rates immediately, even if they did not formally dissent from the decision, pointing to the need for “stronger action” against “stubbornly low inflation”.