Atlanta Fed President Raphael Bostic said the the central bank may not have to go much further with interest rates to achieve a proper balance between slowing and overheating.
Stocks fell on Wednesday as losses in tech and AT&T shares outweighed a post-earnings bounce in Boeing.
There's a growing consensus that keeping the overall U.S. economy on track will not be enough to help areas left behind by a decade-long recovery.
Global worries over an emerging "trade war" pose an uncertainty for the Federal Reserve, officials said Wednesday.
Gary Cohn, a former Goldman Sachs executive, was seen as supporting more business-friendly policies, especially following Trump's announcement of tariffs.
Solid economic data reinforced expectations that the Federal Reserve will press ahead with increases to U.S. interest rates.