U.S. Federal Reserve policy makers were worried that high oil prices were slowing the U.S. economy and fuelling inflation, but they opted to ignore a “small number of disappointing indicators” and bet that the economic slowdown wouldn’t last.

The central bank today released the minutes of the May 3 meeting of the Fed’s Open Market Committee.

The minutes showed that rising oil prices gave the policy makers a new reason to worry, however they didn’t believe they needed to raise short-term interest rates more aggressively to keep inflation in check.

They opted to stick with what they called their “measured” campaign of interest-rate increases and lifted the key federal funds rate by a quarter percentage point to 3%. “Although downside risks to sustainable growth had become more evident, most members regarded the recent slower growth of economic activity as likely to be transitory,” the FOMC said.

The minutes also show some FOMC members expressed concern as to whether the central bank ought to raise the funds rate much more. That rate has been tripled over the last year.

According to the minutes, “the committee has raised its key federal funds rate appreciably over the past year, and, in the view of a few members, a larger-than-expected moderation of aggregate demand in response to this cumulative policy action could not be ruled out.”