Federal Reserve officials, in their first public comments since the U.S. central bank cut interest rates by half a percentage point, laid out on Friday the depth of the debate over the move, with one governor saying inflation was now so weak the large reduction was needed and another arguing price pressures remain so strong a smaller cut would have been better.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

Federal Reserve Governor Michelle Bowman said on Friday she dissented over the U.S. central bank's half-percentage-point interest rate cut this week, favoring a quarter-percentage-point reduction instead,