Powell’s comments align with those of other Fed officials in recent days who backed a cautious approach to future reductions in borrowing costs.

With investors looking toward Friday’s November nonfarm-payrolls report, market participants see the potential that it could be overshadowed by an entirely different set of data: next Wednesday’s consumer-price index for the same month.

The description of the dilemma the Fed faced in balancing its twin mandate of maintaining a healthy labor market and economy while also keeping prices stable came in the minutes o