Federal Reserve officials discussed potentially slowing down or pausing interest-rate cuts if progress on lowering inflation stalled out when they met earlier this month. Officials thought that if the economy performed in line with their expectations that inflation would continue to decline steadily,

Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves.