US rate decision was unanimous

Interest rates are at a 41-year-low

US central bankers all voted in favour of last month's interest rate cut.

The Federal Open Market Committee (FOMC) voted 12-0 in favour of a half a percentage point cut to 1.25% - a 41-year low.

"A relatively aggressive easing action could help to ensure that the current soft spot in the economy would prove to be temporary and enhance the odds of a robust rebound in economic activity next year," minutes of the FOMC's meeting on 6 November said.

But some FOMC members "voiced reservations" about a shift to a neutral stance on the economy accompanying the cut.

Majority rules

At the time the committee said the risk was balanced between economic weakness and inflationary pressures.

It did so because a majority of the committee members were eager to send a signal to the markets that they should not be expecting further reductions in the near future.

Their main concern was to signal that the cut did not mean they were "concerned about the potential for greater economic weakness than was in fact the case".

In the end, the majority won the day as those who had voiced reservations realising that the risks of an overreaction by the markets were significant.

"Although they had at least a marginal preference for retaining the current tilt toward weakness, these members were willing to accept a balanced statement in light of the uncertainties that surrounded prospective market reactions," the FOMC minutes said.