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."

Several policymakers said they were less worried about an economic slowdown than they had been in September, when the Fed kicked off its rate-cutting cycle.