Federal Reserve officials are sharply divided over how aggressively to cut interest rates, with some warning that the central bank risks falling dangerously behind in addressing a deteriorating labor market while others remain focused on stubborn inflation that has persisted well above target for more than four years.

The splits, revealed in a series of speeches and interviews since the Fed’s quarter-point rate cut last week, underscore the difficult position facing policymakers as they navigate an economy reshaped by sweeping changes in trade, immigration and fiscal policy.

The tensions center on a fundamental question: With unemployment rising and hiring slowing dramatically, can the Fed afford to move cautiously on rate cuts when inflation pressures may prove more manageable than fear

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