Minutes from the September Federal Open Market Committee (FOMC) meeting released Wednesday show that a back-and-forth likely took place among members about whether to cut interest rates by 25 basis points or the 50-basis-point reduction, with the latter ultimately chosen.

The discussion highlighted diverging views on how quickly the Federal Reserve should ease monetary policy amid lingering inflation concerns and solid economic growth.

A significant majority of participants — with the sole exclusion of board member Michelle Bowman — supported the 50-basis-point cut, which lowered the federal funds rate to a range of 4.75% to 5%.

Some members voiced a preference...