Participants noted that further tightening of monetary policy would be appropriate if incoming information indicated that progress toward the committee's inflation objective was insufficient, according to minutes from the central bank's Oct. 31-Nov. 1 meeting, which were released Tuesday.
Central bankers voted to leave interest rates unchanged in a range of 5.25 to 5.5 percent at their gathering early this month, allowing themselves more time to assess whether their substantial rate moves so far are weighing on demand.
Tuesday's minutes may serve to bolster that expectation of an extended pause, because they suggested that officials planned to watch how the economy shaped up over the course of months.
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