Minutes from the Federal Reserve’s latest policy meeting show officials weighing two opposing risks: inflation that could stay elevated longer than expected and an economy that may slow more than forecast. The discussion suggests policymakers remain cautious as they assess how sticky price pressures could affect the path of interest rates.

According to the minutes, participants did not see the inflation outlook as fully settled, even as some economic indicators have pointed to cooling demand. That balance has kept the central bank focused on avoiding a premature policy shift that could either reignite price growth or unduly weaken activity.

The release adds another layer to the debate over when the Fed should ease policy, with markets closely watching for signs that officials are becoming more confident that inflation is moving sustainably toward target. For now, the minutes indicate a continued preference for patience and data dependence.

The report comes as households and businesses continue to face higher borrowing costs, while economists assess whether slowing growth will become a larger concern in the months ahead. The Fed’s next moves will likely depend on incoming inflation readings, labor market trends, and broader signs of economic resilience.