The rate of inflation rose in October and moved further away from the Federal Reserve’s 2% goal, confirming a recent uptick in prices that could cajole the central bank into cutting interest rates less aggressively.

Despite inflation in some sectors remaining outside the Federal Reserve's benchmark of 2%, officials indicated they are pleased with the current easing of interest rates, and more gradual cuts may follow.

Powell just a week after the meeting said the economy was "not sending any signals that we need to be in a hurry to lower rates."

The account of the central bank’s Nov. 6-7 meeting, released on Tuesday, showed that Fed officials still planned to cut interest rates further. But with the job market holding up better than expected and the economy growing at a solid clip, they are in no rush to slash them rapidly.

The meeting summary showed that all 19 officials approved this month’s quarter-point cut.

With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves. Even if inflation continued declining to the Fed's 2% target,

Several policymakers said they were less worried about an economic slowdown than they had been in September, when the Fed kicked off its rate-cutting cycle.