Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

Many” senior Federal Reserve officials said uncertainty about the so-called neutral level of interest rates support a more gradual approach in reducing U.S. borrowing costs, new documents show.

The Fed has lowered interest rates by a total of 75 basis points over its last two meetings, but further rate cuts may be sparse.