Minutes from the Federal Reserve’s latest policy meeting show officials were not aligned on the pace of future rate cuts, reflecting continued concern that inflation may not be cooling fast enough.

According to the record, some policymakers favored a more cautious approach, arguing that recent price data still warrants restraint. Others appeared more comfortable with easing sooner if inflation continues to trend lower and growth softens.

The debate underscores the challenge facing the central bank as it tries to balance support for the economy with its mandate to keep inflation under control. Investors closely follow the minutes for clues about when the Fed may begin reducing borrowing costs.

The split also suggests that any move to cut rates will likely depend on upcoming inflation and labor market data, which could shift the outlook in either direction.