Federal Reserve officials judged at their latest meeting that their patient approach to interest-rate change would be appropriate “for some time,” and many sided with Chairman Jerome Powell's view that the recent dip in inflation was probably temporary.

“Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time,” according to minutes of the Federal Open Market Committee's (FOMC's) April 30–May 1 meeting, released Wednesday in Washington.

U.S. stocks remained lower and Treasuries held gains, as the minutes reinforced the message from Powell's post-meeting press conference, at which he said the level of interest rates was appropriate for now and there wasn't a strong case to move in either direction. The record also showed officials becoming more optimistic about the U.S. 2019 economic outlook before President Donald Trump's decision to raise tariffs on Chinese imports. They also had a debate about the future composition of the bond portfolio.