Many Federal Reserve officials want to see inflation fall further before they would support additional interest rate cuts this year, particularly if the job market continues to stabilize, minutes

Federal Reserve policymakers were in near-unanimous agreement to keep interest rates on hold at their meeting last month, but remained split over the next steps, with "several" of them open to rate hikes if inflation remains elevated,

Key Takeaways Federal Reserve officials signaled that additional rate cuts are still possible this year, but January’s meeting minutes revealed growing concern about easing policy while inflation remains above 2%.

The Federal Reserve appeared to be divided over further interest rate cuts, yet “several” officials suggested a rate hike may be necessary if inflation remains above the central bank’s target, according to minutes from the Federal Open Market Committee's January meeting released Wednesday.

Minutes from the January meeting show Fed officials divided over whether rates should fall, stay put—or rise again if inflation fails to cool.