The minutes of the Federal Reserve's January meeting revealed policymakers considered language about possible rate hikes amid concerns over elevated inflation.

Minutes of the U.S. Federal Reserve's January 16-17 meeting released on Wednesday are expected to provide more detail on why central bankers kept interest rates on hold last month and what it may take to convince them further rate cuts are warranted at a time when risks to the job market may be easing and progress on lowering inflation has been slow.

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%.

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