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,

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.

Federal Reserve officials were still confident at their November meeting that inflation was heading toward their 2% annual target, according to minutes published on Tuesday, while noting that they could support the labor market with further interest-rate decreases.