02:28 PM EDT, 08/21/2024 (MT Newswires) -- There were several Federal Reserve officials who said they could support an immediate rate cut but agreed to hold rates steady to see more data, minutes of the Federal Open Market Committee's July 30-31 meeting released Wednesday showed.

At the meeting, the FOMC left its target range for the federal funds rate unchanged at 5.25% to 5.50% but changed its statement to reflect a more balanced approach to its dual mandate that shows both heightened concern about the job market and an acknowledgement of further progress on inflation.

"All participants supported maintaining the target range for the federal funds rate at (5.25% to 5.50%), although several observed that the recent progress on inflation and increases in the unemployment rate had provided a plausible case for reducing the target range 25 basis points at this meeting or that they could have supported such a decision," the minutes showed. "Participants furthermore judged that it was appropriate to continue the process of reducing the Federal Reserve's securities holdings."

While the FOMC opted to hold rates steady, they noted progress on inflation and easing labor market conditions.

"Almost all participants remarked that while the incoming data regarding inflation were encouraging, additional information was needed to provide greater confidence that inflation was moving sustainably toward the committee's 2% objective before it would be appropriate to lower the target range," the minutes showed. "Nevertheless, participants viewed the incoming data as enhancing their confidence that inflation was moving toward the committee's objective."

"The vast majority observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the minutes showed.

The participants weighed the risks of tightening policy too soon or too late. The meeting occurred prior to the softer-than-expected July employment data and the release Wednesday morning of preliminary revision estimates that suggest that job growth has been weaker than expected.

Fed Chairman Jerome Powell's speech at 10 a.m. ET Friday at the Jackson Hole Symposium in Wyoming will be the next key event for Fed watchers.