BANKING

Fed Was Ready to Cut Interest: A divided Federal Reserve policy-making panel agreed at a pre-election meeting on a policy leaning toward lower interest rates if the economy showed signs of ebbing. Members of the Federal Open Market Committee reviewed information suggesting that “economic activity was expanding at a subdued pace,” minutes of the Oct. 6 meeting show. But they “generally agreed that current uncertainties made an assessment of the economic outlook and determination of an appropriate course for monetary policy particularly difficult.” Because of the uncertainty, a majority supported a directive that left policy unchanged but which “included a decided presumption of some easing . . . if indications of stronger economic activity failed to emerge.”