Fed officials worried at their July meeting about the state of the labor market and inflation, though most agreed it was too soon to cut rates, minutes showed.

Most Federal Reserve officials said last month that the threat of higher inflation was a greater concern than the potential for job losses.

Fed officials worried at their July meeting about the state of the labor market and inflation, though most agreed it was too soon to cut rates, minutes showed.

Minutes from the Federal Reserve’s July meeting showed policymakers grappling with a slowing labor market and inflation that remains above the central bank’s target.