Fed officials have much to weigh at their December meeting. Inflation has been stuck above target for nearly five years, and the labor market is softening in uneven and sometimes painful ways. But for now, many policymakers seem more worried about doing too much than too little.

U.S. stock index futures dipped on Friday, signaling a fresh round of selloff on Wall Street after hawkish comments from Federal Reserve officials added to doubts about an interest rate cut in Decembe...