A recent string of consumer price data has muddled the Fed's inflation trajectory.
“There's no urgency right now,” Dallas Fed President Lorie Logan said.
Fed officials have repeatedly urged there's no rush to cut rates.
Policymakers have kept rates unchanged since July as inflation has steadily come down.
The markets continued to bet on rate cuts despite the Fed chairman's assertions that the outlook on rates is still uncertain.
Concern over a renewed bout of inflation is likely to keep the Fed forecasting much higher interest rates in 2024.
Investors may be overestimating the likelihood of interest rate cuts to come, however.
“By doing nothing, we are still doing something," Philadelphia Fed President Patrick Harker said.
Kashkari also said he sees rates staying flat in 2024 after another increase this year.
The Fed's report indicated US consumers remain robust.