Federal Reserve officials worried at their July meeting about the state of the labor market and inflation, though most agreed that it was too soon to lower interest rates, minutes released Wednesday showed.

The minutes of the rate-setting Federal Open Market Committee, published on Wednesday, showed that “some [members] noted that it would not be feasible or appropriate to wait for complete clarity on the tariffs’ effects on inflation before adjusting the stance of monetary policy”.

The written account of the Federal Reserve's July meeting, released on Wednesday with a customary three-week lag, suggested officials were divided over when they could be confident that higher import costs wouldn’t lead to a period of broader,