CHRISTOPHER RUGABER Economics Writer.

Federal Reserve policymakers will be debating whether stubborn inflation or slower hiring is the bigger problem for the economy as they prepare for an annual conference in Jackson, Wyoming, next week and a crucial policy meeting in September. Weak job gains since April have led some officials to support a rate cut. Others remain more concerned about sticky inflation. That could make the Fed’s ultimate move at its September 16-17 meeting a close call. There will be another jobs report and another inflation report before then, and both will likely heavily influence the decision of whether to cut or not.

The Federal Reserve is expected to leave its short-term interest rate unchanged on Wednesday for the fifth straight meeting, a move that will likely underscore the deep divide between how Chair Jerome Powell and President Donald Trump see the economy. The Fed itself is increasingly divided over its next steps, and many economists expect that two members of the Fed’s governing board could dissent on Wednesday in favor of cutting rates. Trump says that because the U.S. economy is doing well, the Fed should cut rates but Fed officials, and most economists, say a solid economy means rates should be relatively high to prevent overheating and a burst of inflation.