Concerns about financial market stability, including the potential for a sharp drop in asset prices, are emerging as a fresh theme for Federal Reserve officials as they debate when and even whether to cut interest rates further.

Labour market data for September, delayed due to the US government shutdown, suggests the economy regained momentum after large losses over the summer. The move up in the unemployment rate was unexpected, and the monthly payrolls change in August was revised to a 4,000 decline from a previous gain of 22,000.

Barr supported the Fed’s cuts in September and October but had so far given no signal on December. His vote could prove pivotal as several of his colleagues have already declared that they favor or oppose a third straight rate reduction, making the outcome uncertain.

Though private-credit investments have generated high returns and low default rates, Cook said in prepared remarks at Georgetown University’s Psaros Center for Financial Markets and Policy in Washington, D.C., “we should expand the lens and inspect this funding vehicle more closely.”

Fed board governor Lisa Cook said on Thursday that funds’ so-called basis trades, which take advantage of tiny price discrepancies in Treasuries, risked making the $30tn market “more vulnerable to stress”, and in extreme cases could impact market functioning.

Chicago Fed President Austan Goolsbee is a "little uneasy" about inflation, he said on Thursday. The inflation rate seems to have stalled and may have moved up, he added during an interview at CFA Society of Indianapolis Annual Lunch.

Former Federal Reserve governor Adriana Kugler’s departure presumably shows how the Fed responds to rules violations. The allegations against Fed governor Lisa Cook fall outside that category.

CNBC’s Steve Liesman sits down with Federal Reserve Bank of Cleveland President Beth Hammack to discuss the September jobs report, interest rate cuts, private credit, and AI in the workplace.