Federal Reserve officials generally agreed that they likely won't need to cut interest rates again unless economic conditions change significantly, according to minutes released Wednesday from their most recent meeting.

Central bankers in late October cut their benchmark overnight lending rate a quarter point to a range of 1.5%-1.75%, the third such move in 2019.

However, in doing so "most" Federal Open Market Committee members saw the moves as enough "to support the outlook of moderate growth, a strong labor market, and inflation near the Committee's symmetric 2 percent objective," the meeting summary said.

The stance of policy "likely would remain" where it is "as long as incoming information about the economy did not result in a material reassessment of the economic outlook."

They maintained, however, that policy isn't on a preset course, even if it is likely to remain on hold, and members will continue to assess changes in data and the general outlook. Members often note that Fed policy adjustments work on a lag that can take a year or more to be felt, so they intend on watching how the switch to easier policy will impact financial conditions. The cuts started in July, just seven months after the committee approved the fourth rate hike of 2018.

Those sentiments are largely in keeping with recent public statements from Fed officials.

Chairman Jerome Powell, in congressional testimony last week, said he also felt comfortable with the stance of policy. That includes the low probability of a rate hike as well: Following the Oct. 29-30 FOMC meeting, he further stated that he doesn't expect increases unless there is a significant move up in inflation.