Minutes from the Fed's Jan. 27-28 meeting laid bare a lingering divide over where to set the bar for further rate cuts. In Fed speak, "some" is larger than "several" which means the group of "some" officials that includes those with a higher bar ("clear indication that the progress on disinflation was firmly back on track") to resume cutting is larger than the "several" who thought "further downward adjustments...would likely be appropriate if inflation were to decline" in line with their forecasts. At the bottom of page 11: https://www.federalreserve.gov/monetarypolicy/files/fomcminutes20260128.pdf(Nick Timiraos)