So "there is not much to argue to move interest rates one way or the other".
Williams, who is vice-chairman and a permanent voting member of the Fed's rate-setting committee, also said some risks to global growth have receded and domestic drivers of the USA economy are strong, likely putting growth above 2% and its long-run potential this year.
However, the meeting was held at a time when optimism was high for a deal to end the US-China trade war and before President Donald Trump more than doubled tariffs on $200 billion in Chinese goods, sparking further retaliation from Beijing.
During the FOMC Minutes from the May 1-2 Federal Open Market Committee meeting members elevated forecasts for full-year economic growth, stating that earlier worries they had about an economic decline had diminished. Strong demand for that funding could push the Fed's target federal funds rate up more than it wants, undermining its credibility.
Meanwhile, the USA economy should grow at a solid 2.25-2.50% rate this year, with inflation moving up to the Federal Reserve's target, putting rates in the right place, a top Fed official said on Wednesday.
"Members observed that a patient approach to determining future adjustments to the target range for the federal funds rate would likely remain appropriate for some time", the minutes read. Mark Hamrick, an economic analyst, said that investors shouldn't expect the Fed to listen to Trump.
"That said, these and other sources of uncertainty remained".
The May FOMC minutes detailed a reserved conversation among policymakers who believed that patience on rates would be appropriate for the foreseeable future.
Risks to the US economic outlook, including trade uncertainty and Brexit, have receded but are still present, the US Federal Reserve said Wednesday.
The minutes re-emphasized the Fed's patience while echoing the message from Powell's post-meeting press conference, when he mentioned that numerous downside risks to the economy had "moderated somewhat".
FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019.
The minutes indicate that the Fed has set a very high bar for either a rate cut or a rate hike.