The Fed released its October policy minutes on Wednesday. Investors had expected to get insight into when the Fed will start to hike its interest rate. They were disappointed. The Fed said nothing about the timing. The central bank decided to say nothing about the timing in order that it could be misinterpreted by financial markets.

Analysts expect the first interest rate hike by the Fed in the mid-2015.

The Fed discussed the need to monitor declining inflation expectations. The recent decline in oil prices is adding to downward pressure on inflation.

The Fed kept its interest unchanged, and said that interest rates would remain unchanged for a "considerable time".

The central bank noted that the recovery of housing market is slow despite low interest rates.