Many” senior Federal Reserve officials said a more gradual approach to reducing interest rates was warranted in light of ongoing uncertainty about the U.S. economy and the appropriate level of borrowing costs,

Federal Reserve officials appeared divided at their meeting earlier this month over how much farther they may need to cut interest rates, but as a group agreed to avoid giving much guidance from here on about how U.

The Fed has lowered interest rates by a total of 75 basis points over its last two meetings, but further rate cuts may be sparse.

The account of the central bank’s Nov. 6-7 meeting, released on Tuesday, showed that Fed officials still planned to cut interest rates further. But with the job market holding up better than expected and the economy growing at a solid clip, they are in no rush to slash them rapidly.

The Federal Reserve was expected to lower its key interest rate later that month, and Doolittle and his partner hoped the cut would drive down mortgage rates even further. The wait cost them.

Federal Reserve officials appeared divided at their meeting earlier this month over how much farther they may need to cut interest rates, but as a group agreed this was a moment to avoid giving much concrete guidance about how U.