Federal Reserve officials had differing views on the best way to signal to financial markets when they might raise a key short-term interest rate. They were in broad agreement, however, that their monthly bond buying program will end in October.
Minutes of the Fed's June 17-18 meeting showed officials split between those who wanted to communicate that the Fed remains concerned that inflation is rising too slowly and those who were worried that the economy might rebound faster than currently expected.
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In the end, the Fed statement stuck to the current guidance that rates will likely remain low for a "considerable time" after the bond purchases end.
On the bond purchases, Fed officials supported the view that the last reduction would likely total $15 billion in October.