Washington — Federal Reserve officials viewed their interest-rate cut in July as insurance against too-low inflation and the risk of a deeper slump in business investment stemming from uncertainty over President Donald Trump’s trade war.

“Members who voted for the policy action sought to better position the overall stance of policy to help counter the effects on the outlook of weak global growth and trade policy uncertainty, insure against any further downside risks from those sources, and promote a faster return of inflation” to the 2% target, according to minutes of the July 30-31 Federal Open Market Committee (FOMC) meeting, released on Wednesday in Washington.

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