The Federal Reserve cut US interest rates last month despite deep divisions over the risks facing the world's largest economy, according to minutes from its most recent meeting, released on Wednesday.
The minutes from the Fed's December 9-10 meeting, where the benchmark target range was reduced to 3.50 to 3.75 per cent, showed that inflation and unemployment risks continued to weigh on the rate-setting committee's decision.
Fed minutes are typically backward-looking, generally being released three weeks after the meeting, but they offer fresh insights into the US central bank's thinking.
Three of the 12 voting members on the Fed voted against the most recent action: Fed governor Stephen Miran, who preferred a larger rate cut; and Chicago and Kansas City
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