Wu said he learned that the Federal Reserve announced a 25 basis point cut in the upper limit of the federal funds rate to 4.25%, in line with market expectations and compared to the previous rate of 4.50%. Wall Street Journal reporter Nick Timiraos wrote that the Fed's 25 basis point rate cut at the September FOMC meeting was dovish in tone. Most officials expected at least three more rate cuts this year, with Miran being the only one who advocated a 50 basis point cut. Seven participants predicted no further rate cuts this year, while two predicted only one more. However, the meeting was relatively narrow in scope.