The Fed released minutes of its January 27-28 meeting on Wednesday. The Fed expressed concern that hiking interest rates too soon could have a negative impact on the U.S. economic recovery.

The Fed's minutes said that "many participants indicated that their assessment of the balance of risks associated with the timing of the beginning of policy normalization had inclined them toward keeping the federal funds rate at its effective lower bound for a longer time".

The Fed policymakers are worried about falling inflation expectations in the U.S.

The Fed policymakers indicated that the Fed is likely to hike its interest rate in June.

The Fed noted that it would take "financial and international developments" into account.