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Federal Reserve officials are sharply divided on a December rate cut, with market odds plunging to 50-50 from 94% just last month.

The split reflects a fundamental disagreement: whether persistent inflation or weak job hiring poses the bigger threat to the economy and your wallet.

The uncertainty could keep borrowing costs elevated for mortgages and autos, deepening affordability concerns that figured prominently in recent elections.

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.

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