Minutes of the meeting showed that some Fed officials were on the verge of cutting interest rates in December.

Some federal Minutes of the meeting released on Tuesday showed Reserve officials, who had backed a rate cut earlier this month, were likely to back keeping interest rates on hold, underscoring divisions and uncertainty within the central bank.

At the December 9-10 meeting, Fed officials agreed to cut the key interest rate by 25 basis points for the third time this year to about 3.6%, the lowest level in nearly three years. However, the move was approved in a 9-3 vote, an unusual level of opposition for a committee that usually operates by consensus. Two Fed officials supported keeping interest rates unchanged, while one wanted a deeper cut of half a percentage point.

The minutes highlighted deep divisions on the 19-member policymaking committee over what poses the biggest threat to the economy: weak employment or persistently high inflation. If a sluggish job market is the biggest threat, the Fed typically cuts interest rates further. But if still-high inflation is the bigger problem, the Fed will keep interest rates high or even raise them. Only 12 of the 19 members voted on the rate decision, but all participated in discussions.

Minutes of the meeting showed that even some Fed officials who supported a rate cut had reservations. The minutes said some Fed officials wanted to wait for more economic data before taking further action. Key economic data on jobs, inflation and growth were delayed due to a six-week government shutdown, leaving Fed officials with only outdated information when they met earlier this month.

When the Fed lowers key interest rates, it can lower borrowing costs for homes, cars and credit cards over time, although market forces also affect those rates.