CHARLOTTESVILLE, Virginia — Two Federal Reserve (Fed) governors on Wednesday laid out competing visions of where US monetary policy may be heading, with one citing ongoing concerns about inflation and another expressing confidence that price pressures will continue to ease.

The separate speeches by Michelle Bowman and Lisa Cook show the set of concerns central bank officials will be weighing as they decide whether to approve another quarter-percentage-point reduction in the benchmark policy rate at their Dec. 17 to 18 meeting.