The U.S. Federal Reserve reasoned last month that risks to both economic growth and inflation had diminished slightly since its prior meeting, according to Fed policy makers’ Oct. 24-25 meeting minutes released today.

However, optimism on economic growth seemed the more widespread view, and officials continued to emphasize that higher inflation “remained of greatest concern,” which should dampen hopes of any reduction in interest rates in coming months, according to minutes.

“Most members judged that the downside risks to economic activity had diminished a little, and likewise, some members felt that the upside risks to inflation had declined, albeit only slightly,” the Fed said in the minutes.

At its October meeting, officials left the federal funds rate unchanged at 5.25% for a third-straight meeting but maintained a tightening bias should inflation persist.

In the October minutes, officials said the economy should expand “close to or a little below” its noninflationary potential in coming quarters.