With recent data not increasing confidence inflation is moving sustainably toward 2 percent, the minutes of the latest Federal Reserve meeting suggest officials expect to maintain interest rates at current levels longer than previously thought.

The minutes of the April 30-May 1 meeting, released Wednesday afternoon, said participants highlighted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum.

The participants subsequently assessed that it would take longer than previously anticipated for them to gain "greater confidence" inflation is moving sustainably toward 2 percent.

With Fed officials repeatedly saying they need "greater confidence" inflation is slowing before they cut rates, the minutes said participants discussed maintaining the current restrictive policy stance for longer.

While officials also discussed reducing policy restraint in the event of an unexpected weakening in labor market conditions, various participants also mentioned a willingness to raise rates further should risks to inflation materialize in a way that such an action became appropriate.

Meanwhile, the participants reiterated the future path of interest rates would depend on incoming data, the evolving outlook, and the balance of risks.

The Fed's next monetary policy meeting is scheduled for June 11-12, with the central bank widely expected to again leave interest rates unchanged.

While the likelihood rates will be lower by September remains high, the chances have fallen to 70.6 percent from close to 90 percent last week, according to CME Group's FedWatch Tool.

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