GDI is an alternate measure of economic growth, similar to gross domestic product, but with income rather than output as the yardstick. A gap between the two led Fed officials to worry that output might be weaker than thought, but the two converged when the estimate of GDI was increased.

Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy.

The Fed’s current benchmark rate, which officials last month lowered to a range of 4.75 percent to 5 percent, is widely regarded as still restricting economic activity. The remarks left open the question of how policymakers will approach the size and pace of interest-rate cuts in the next few months, a crucial matter for investors.