Federal Reserve officials are increasingly signaling a cautious approach toward further interest rate hikes, suggesting more time may be needed to assess economic conditions before deciding on additional increases.

Vice Chair Philip Jefferson indicated on Thursday that the central bank may delay raising rates again, aligning with sentiments expressed earlier this week by New York Fed President John Williams. Both officials, part of an informal leadership group along with Chairman Kevin Warsh, conveyed a message that appears reflective of the Fed’s broader leadership stance rather than isolated views.

Speaking in Charlottesville, Virginia, Jefferson noted that Treasury yields have risen notably since the Fed’s most recent rate increase in mid-September. The yield on the benchmark 10-year Treasury note climbed to about 5.25% from 5% at the time of the last rate hike, suggesting investors are recalibrating their economic expectations. Jefferson said the Fed may need additional time to form a comprehensive judgment amid these shifts.

Michelle Bowman, the Fed’s vice chair for bank supervision, echoed this perspective during a question-and-answer session at the Atlantic Council in Washington. She stated that there is no immediate urgency for further tightening and emphasized the need to observe how the effects of the September rate increase unfold within the broader economy.

Despite this cautious tone from some leaders, other officials support a continued path of rate increases. Dallas Fed President Lorie Logan, an active voter on monetary policy this year, expressed her view in prepared remarks Thursday evening that the central bank probably needs to raise rates by at least another half percentage point. She indicated this could translate into two additional quarter-point hikes to ensure inflation trends downward toward the Fed’s 2% target.

The differing viewpoints illustrate the ongoing debate within the Federal Reserve about balancing efforts to curb inflation while minimizing potential risks to economic growth. The next policy meeting later this month will be closely watched as officials weigh these considerations and decide the appropriate course for monetary policy moving forward.