A further quarter-point cut in December has been expected, but recent inflation data raised concern that progress may have stalled. One key measure, the personal consumption expenditures price index stripped of food and energy costs, has been mired in a range from 2.6% to 2.8% since May, well above the Fed's 2% target.

"At present, I lean toward supporting a cut to the policy rate at our December meeting," Christopher Waller, a Federal Reserve governor, said Monday.

Federal Reserve Bank of Atlanta President Raphael Bostic said he’s undecided on whether an interest-rate cut is needed this month, but still believes officials should continue lowering rates over the coming months.