Divisions have emerged within the Federal Reserve regarding the timing of interest rate hikes, according to the minutes of the September FOMC meeting.

Three dissenters were worried about credibility and likelihood of faster pace of interest rate hikes in future if no move made.

With unemployment near the Fed's target, 'several' voters thought interest rate hike needed 'relatively soon,' lest the Fed risk its credibility.

However, a few officials were worried interest rate hike might spark recession, while 'many' voters said pressure on inflation was nowhere to be seen.

Others were simply on the fence, saying a 'reasonable argument' could be made for either interest rate hike or holding steady in September.

Ultimately, the Fed voted 7-3 to maintain their benchmark feds funds rate of 0.25 percent.

Analysts say the Fed is unlikely to raise interest rates until December at the earliest, as the November presidential election presents some economic uncertainties.