Updated at 2:46 p.m.

WASHINGTON — After delivering a split-decision rate cut earlier this week, Federal Reserve officials put their divisions over the state of the economy and what should be done about it on full display Friday with warnings of a slowdown and financial risks bookending talk of how well things are going.

Central bankers may often be called on to speak with one voice, but the Fed now has three — those ready to reduce rates even lower to ward off economic risks, those ready to stand pat and watch the data for now, and those warning that the Fed may already be fueling a credit bubble.

“The economy is in a good place,” Fed Vice Chair Richard Clarida said in a CNBC interview, noting that while there are risks, there is also a “virtuous circle” under way of job gains, wage gains, and increased spending among households.

Consumption accounts for nearly 70% of the U.S. economy, and “I cannot think of a time in aggregate when the consumer has been in better shape,” Clarida said.