Policymakers held the benchmark interest rate unchanged on Wednesday for a third consecutive meeting, describing a recovery that has been “uneven across sectors” even as headline inflation continues to cool.

The decision was widely expected by markets, but the accompanying statement showed a visible split among committee members, with at least two officials said to have favored moving earlier on a rate cut.

“Uneven is doing a lot of work in that sentence,” said a fictional markets economist at a regional investment bank. “Manufacturing has been soft for two quarters. Services are fine. They’re trying to write one sentence that covers both, and it shows.”

Bond markets moved modestly following the announcement, with traders pricing in a slightly higher probability of a cut at the next meeting than they had a week ago. Equity markets closed roughly flat.

Officials pointed to steady employment figures and resilient consumer spending as reasons for caution, even as they acknowledged that borrowing costs are weighing on smaller manufacturers and homebuilders.

“They’re not declaring victory, and they’re not sounding the alarm,” the economist said. “That’s usually what a hold meeting is for.”