Federal Reserve officials signaled greater doubts at their meeting earlier this month over how long it would take for elevated inflation to abate and how soon they would need to raise interest rates to cool the economy.

The Fed closed a chapter on its aggressive pandemic policy response when it approved plans at the Nov. 2-3 meeting to shrink its $120-billion-a-month asset purchases by $15 billion each in November and December, a pace that would end the program by next June.