US Federal Reserve chairman Jerome Powell. AFP
If data came in about as expected with inflation moving towards policymakers' two percent target, while employment remained solid, "it would likely be appropriate to move gradually toward a more neutral stance of policy over time," the minutes said.
Earlier this month, central bank officials voted to lower the benchmark lending rate by a quarter-percentage point, bringing it to a range between 4.5 percent and 4.75 percent.
This came after a larger rate cut in September.
But it remains uncertain where rates should be held so that the economy does not need stimulus or policy restraint.
For now, Fed staff noted that gross domestic product has "expanded solidly so far this year" and that economic conditions should remain robust.
While there remain some sources of underlying inflation, data "generally remained consistent with inflation returning sustainably to two percent," the minutes noted, even if this process could take longer than expected.
Fed officials also expected that if interest rates were adjusted appropriately over time, "the labor market would remain solid," even as recent indicators were impacted by labor strikes and hurricanes.
Policymakers noted as well that "there was no sign of rapid deterioration in labor market conditions, with layoffs remaining low," while consumer spending remained strong.
But Fed officials cautioned that if there was a "change in the balance of risks," the central bank could "pause its easing of the policy rate and hold it at a restrictive level."
For example, this could be done if inflation remained elevated. But policy easing could be accelerated if the labor market slumped or economic activity faltered, minutes noted.
Economist Ryan Sweet of Oxford Economics said in a note: "The November (Fed) meeting occurred right after the election, which adds some uncertainty to the forecast for inflation given President-elect Donald Trump's future use of tariffs."
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