It might be too soon to conclude U.S. interest rate cuts are imminent, according to the minutes of the Federal Reserves Dec. 12 policy meeting.

In the minutes, officials said that their “outlook for economic growth and inflation … changed relatively little” from the late October meeting. While the economy “was probably a touch softer than had been expected” then, policy makers still expected it to grow at a bit below its long-term trend over the coming year.

At the Dec. 12 meeting, the Fed left its short-term interest rate target at 5.25%. Its statement accompanying the rate decision said — for the fifth consecutive meeting — that inflation was the principal concern and whether rates would have to rise again would depend on coming data.

The minutes were released today — a day later than the usual three week lag because the Fed’s Washington offices were closed Tuesday in observance of a day of mourning for President Gerald Ford.

The minutes suggest Fed officials see monetary policy on hold for some months yet. “Nearly all members felt that maintaining the current target for now was most likely to foster moderate economic growth and a gradual ebbing of core inflation from its elevated levels.”