Minutes from the Federal Reserve’s June 17-18 meeting show officials weighing risks to both inflation and employment, suggesting policymakers saw little room for complacency on either side of their mandate.

According to the record, several participants said the U.S. labor market had eased somewhat, even as inflation remained a concern. The discussion points to a central bank still trying to judge whether slower hiring will help bring price growth down without causing unnecessary damage to the economy.

The minutes indicate that policymakers viewed the threats to their two goals as broadly balanced, rather than leaning clearly toward either stronger inflation pressure or a sharper labor market downturn. That stance underscores the Fed’s cautious approach as it assesses incoming data.

The June meeting took place as investors continued to look for clues about the timing and pace of any future policy changes. The minutes are likely to reinforce expectations that officials will stay data-dependent while watching both job growth and price trends closely.