Minutes from the Federal Reserve’s latest policy meeting show officials still divided over the economy’s next move. Policymakers said they are watching both a potential resurgence in inflation and signs that growth could cool more sharply than expected.

The discussion suggests the central bank remains cautious as it weighs when — and whether — to change interest rates. Several participants pointed to ongoing uncertainty in the data, reflecting the challenge of steering policy while price pressures and slower activity pull in opposite directions.

The minutes underscore how difficult the Fed’s job has become: tighten too much, and growth could weaken further; ease too soon, and inflation may stay elevated. For households and businesses, that uncertainty continues to cloud borrowing costs, hiring plans, and spending decisions.

Markets often parse Fed minutes for clues about the direction of policy, but the latest release does not point to a clear consensus. Instead, it shows a central bank still trying to navigate a fragile balance between curbing inflation and avoiding unnecessary economic damage.