Federal Reserve Chair Jerome Powell has emphasized the importance of being cautious in balancing high inflation and economic growth with tightening credit conditions and a belief that the economy is slowing.

The Oct. 31-Nov. 1 meeting minutes are expected to emphasize this, as policymakers are unlikely to raise the target interest rate further but are hesitant to do so.

A New York Fed staff study suggests that the Fed’s late start in raising interest rates has allowed the economy to bank more growth with the same progress on lowering inflation.

Policymakers are reluctant to declare victory or give investors much concrete information about what will happen next.