"Many participants expressed the view that it might be appropriate to raise the federal funds rate again fairly soon if incoming information on the labor market and inflation was in line with or stronger than their current expectations," the Fed said in the minutes.
Last week, Fed Chair Janet Yellen said waiting too long to raise rates again would be "unwise" and gave a strong indication that the central bank remains on track to consider raising rates again by the summer.
Fed Governor Jerome Powell, one of the voting members at the central bank`s last policy meeting, said on Wednesday a rate hike would be on the table at the Fed`s next meeting in March.
Seventeen policymakers deliberate at each meeting on whether to change the interest rate, although only 10 of them have a vote.
Prices for U.S. stocks fell marginally following the publication of the minutes and yields on U.S. government debt also dropped. Expectations on when the Fed will next raise rates were little changed, with investors predicting a move in May at the earliest, according to fed fund futures data compiled by the CME Group.
Among voting members in general there was much less urgency to raise rates with many seeing only a "modest risk" that inflation would increase significantly and that the Fed would "likely have ample time" to respond if price pressures emerged.
In December, the Fed forecast it would raise rates three times in 2017 and so far robust readings on the economy have bolstered the confidence of many policymakers.
More about:
