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What was once seen as a near-certain cut in interest rates next month now looks more like a coin flip as Federal Reserve officials sharply disagree over the economy's health and whether stubborn inflation or weak hiring represent a bigger threat.

In several speeches in the past week, some policymakers have registered greater concern over persistent inflation in an echo of the “affordability” concerns that played a large role in elections earlier this month.

At the same time, another camp is much more concerned about meager hiring and the threat that the "low-hire, low-fire“ job market could worsen into one where layoffs become more widespread.

The turmoil on the Fed's 19-member interest-rate setting committee reflects a deeply

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