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Last week, the Fed voted to cut interest rates in a decision that expressed unity despite a sole dissent.

But a mere week later, commentary from central bankers is foreshadowing disagreement to come.

That's because even as central bankers commit to staying data-dependent, shifting their thinking alongside new information, several policymakers see the threats facing the labor market as more imposing than persistent inflation.

In a speech on Tuesday, Fed Chair Jerome Powell again outlined the Fed's risks of cutting too much too soon or too little too late. Not surprisingly, his solution is more of the "wait and see" ethos that has characterized his tenure.

While Powell represents the consensus at the Fed, other policymakers don't view caution as the appropriate posture, since, in their view, the labor market is already flagging.

Read more: How the Fed rate decision affects your bank accounts, loans, credit cards, and investments

New Federal Reserve governor Stephen Miran said Monday he wants central bank interest rates to be roughly 2 percentage points lower, arguing that the current level is too high, posing risks to the economy.

“Monetary policy is well into restrictive territory,” Miran said in a speech at the Economic Club of New York. “Leaving short-term interest rates roughly 2 percentage points too tight risks unnecessary layoffs and higher unemployment."

Miran's remarks are hardly surprising. He was the dissenting vote at the September policy meeting after being installed by the White House amid its campaign to lower rates. He's even taking a leave of absence from his (still current) role as a White House economic adviser.

But while it might be tempting to cast Miran and his views as a sideshow on the losing side of an 11-to-1 vote, his influence is likely to grow as he works to convince his colleagues to adopt a more dovish approach — and as the conversation evolves from unity into an array of opinions.

Even now, he isn't exactly alone.

Federal Reserve governor Michelle Bowman said on Tuesday that the Fed may already be late in trying to keep the labor market from sinking.

"We are at serious risk of already being behind the curve in addressing deteriorating labor market conditions," she said. "Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward."

She was among the policymakers to forecast subsequent rate cuts in October and December, prioritizing maximum employment over curbing persistent inflation.

That December decision in particular may be even more noteworthy than October, as varied opinions in the present may not result in a toss-up decision at the next meeting. To wit, the CME's FedWatch tool showed chances for another quarter-point cut went up from 90% to 94% on Tuesday following the three FOMC members' remarks.

And while Powell has said that the September cut was a risk-management move, protecting against the possibility of a worsening labor market, he's shown agreement with the more dovish members that tariff inflation is expected to be short-lived.

Meanwhile, other officials, with plenty of votes on their side, have already expressed reservations about further cuts.

Even if the data they need to make their next decision has yet to arrive, the disagreements are already trickling in.

Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.

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