Experiments to generate squeezed states of light are described for a collection of two-level atoms within a highfinesse
cavity. The investigation is conducted in a regime for which the weak-field coupling of atoms to the cavity
mode produces a splitting in the normal mode structure of the atom-field system that is large compared with the
atomic linewidth. Reductions in photocurrent noise of 30% (-1.55 dB) below the noise level set by the vacuum state
of the field are observed in a balanced homodyne detector. A degree of squeezing of approximately 50% is inferred
for the field state in the absence of propagation and detection losses. The observed spectrum of squeezing extends
over a very broad range of frequencies (-4-75 MHz), with the frequency of best squeezing corresponding to an offset
from the optical carrier given by the normal mode splitting.