A few FOMC members said they expected policy may need to become "modestly restrictive" for awhile and some "judged that it would be necessary to temporarily raise the federal funds rate above their assessments of its longer-run level" to reduce the risk of a sustained overshooting the committee's 2% inflation objective or "the risk posed by significant financial imbalances," according to the Federal Reserve minutes from their September meeting.
A couple participants, though, didn't favor a restrictive policy stance if there are clear signs of an overheating economy or rising inflation.
For the economy overall, participants said recent data suggested some acceleration in labor costs, but wage growth remained moderate due partly to tepid productivity growth.
Several participants commented that inflation may modestly exceed 2% for a period of time.
And, of course, trade issues came up: "Some participants commented that trade policy developments remained a source of uncertainty for the outlook for domestic growth and inflation."
Another downside risk: "The divergence between domestic and foreign economic growth prospects and monetary policies," which could further strengthen the dollar.
The S&P 500, down earlier, is close to break-even, -0.05%, the Dow -0.31%, and Nasdaq -0.17%.
The U.S. Dollar Index +0.5% at 95.52.
Now read: Is It Too Late To Buy The Dollar? »
Subscribe for full text news in your inbox