Barr also repeated his long-standing view that the US banking sector is sound with “no signs of liquidity problems.”
Price shocks can have long echoes in the memories of consumers and businesses.
But his comments appeared to push back against market expectations for as many as six cuts.
Federal Open Market Committee members were divided as to whether two, three or more rate cuts were warranted in 2024.
Finding candidates to lead the Fed's reserve banks is taking longer than it used to.
The Fed had signaled a pivot earlier this week toward reversing its steep hikes.
The minutes show the committee was willing to take a patient approach toward inflation.
The Fed chief also said a further run-up in long-term Treasury yields could lessen the need for more hikes.
U.S. central bankers have raised the benchmark lending rate to 5.25% to 5.5% from near zero over 19 months.
Policymakers across the hawk-dove spectrum have signaled that they're inclined to forgo a rate hike at their next meeting.