With a Federal Reserve meeting coming up later this month, officials are preparing for debate over whether it's time to reduce interest rates again, with some wanting to see more data before committing to another cut.

The US appears on track to hit its long-term target of two percent inflation despite a recent uptick, two Federal Reserve officials said Monday, with one indicating support for another rate cut this month.

A top Federal Reserve official says he is leaning toward supporting an interest rate cut when the Fed meets in two weeks but that evidence of persistent inflation before then could cause him to change that view.