Federal Reserve officials concluded earlier this month that inflation was steadily falling and agreed to closely monitor incoming data to ensure that the pace of price increases would continue slowing toward their 2% target, according to the minutes of their meeting released Tuesday.

As a result, the policymakers decided to leave their key benchmark rate unchanged but to keep it elevated for an extended period. Speaking at a news conference after the meeting, Fed Chair Jerome Powell kept the door open for another rate hike, though most economists say they think the central bank is done raising rates.