While generally saying the labor market remains solid and inflation elevated but showing progress toward the Fed’s 2% annual target, the minutes reflect a mixed assessment of whether the tariffs will spur inflation or be more of a one-time hit that will not lead to higher long-term price increases.

Federal Reserve officials debated whether tariff-driven inflation in the months ahead will be a one-time event or an ongoing problem, according to minutes of their last policy meeting released Wednesday afternoon.