The Fed released its March monetary policy meeting minutes on Wednesday. The Fed kept its interest rate unchanged in March. Fed officials noted the Fed should be cautious in rising its interest rate further.

"Several members expressed the view that a cautious approach to raising rates would be prudent or noted their concern that raising the target range as soon as April would signal a sense of urgency they did not think appropriate," the minutes said.

According to the minutes, global economic and financial developments posed risks to the U.S. economy.

"A number of participants judged that the headwinds restraining growth and holding down the neutral rate of interest were likely to subside only slowly," the minutes said.

Two Fed officials wanted to hike interest rate in March. The Fed did not identify one official. The other official was Kansas City Fed President Esther George. She wanted a 25 basis point increase.