Bitcoin (BTC) briefly jumped about 1% after minutes from the Federal Reserve’s November meeting showed that the majority of central bankers prefer a slower pace of rate hikes going forward.

“A substantial majority of participants judged that a slowing in the pace of increase would likely soon be appropriate,” the minutes stated. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”

Bitcoin rose from $16,448 to $16,565 after the report was released at 2 p.m. ET but the bigger chunk of those gains was quickly retracted. As of press time, the largest cryptocurrency was changing hands around $16,429.