The Globe and Mail reports in its Thursday, Aug. 22, edition that the July meeting minutes of the U.S. Federal Reserve officials indicate a strong leaning toward an interest rate cut at the September policy meeting. A Reuters dispatch to The Globe reports that many Fed officials viewed the current interest rate as restrictive and a few participants contended that no change in rates would increase the drag on economic activity amid ongoing cooling in inflationary pressures. The minutes said that while all Fed officials were on board with keeping rates steady in July, "several" policy-makers said that progress on lowering inflation amid a rise in joblessness "had provided a plausible case for reducing the target range 25 basis points at this meeting or that they could have supported such a decision." Driving the view of Fed rate cuts is the ebbing of price pressures back to its 2-per-cent target and increased anxiety about the state of the job market in the wake of recent data showing a rise in the unemployment rate. The fast jump in the jobless rate has added urgency to the debate over rate cuts and has prompted some analysts to say that a half-percentage-point reduction in borrowing costs should be considered next month.