(MENAFN) The minutes from the most recent meeting of the US Federal Reserve, released Wednesday, revealed that policymakers could not reach a consensus on whether a sluggish labor market or enduring inflation represented the greater threat to the economy.

They also differed on the direction of future interest rates.

Even though the Federal Open Market Committee (FOMC) agreed to a reduction in October, it appears that a slower pace of new rate cuts is likely moving forward.

Disagreements persisted in the December projections, with some officials questioning the need for another reduction that financial markets had been anticipating. "Many" participants indicated that additional cuts would not be necessary, at least until the end of the year.

“Several participants assessed that a further lowering of the target range for the federal funds rate could well be appropriate in December if the economy evolved about as they expected over the coming intermeeting period,” the minutes stated.

“Many participants suggested that, under their economic outlooks, it would likely be appropriate to keep the target range unchanged for the rest of the year.”

Following the Fed’s decision to reduce the policy rate in the last session, Chair Jerome Powell told reporters that a December cut was not a “foregone conclusion.”

Before Powell’s remarks, traders were largely confident that another rate reduction would occur in December.

Afterward, that likelihood dropped to just over a one-in-three chance on Wednesday, according to CME Fedwatch.

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