The Federal Reserve released on Wednesday the FOMC' minutes of the meeting held on July 29-30, 2014. Some FOMC members believe that the Fed could tighten its monetary policy sooner than expected due to improvements in labour market conditions and strengthening recovery in U.S. economy.

Most FOMC members want to wait for more information.

Most Fed officials believe that the Fed can wait until 2015 before hiking its interest rate.

At the last meeting, the FOMC reduced its monthly bond purchasing program by $10 billion and kept its interest rate near zero.

The Fed's next move could depend on the economy performs in the second half of 2014. The unemployment rate was 6.2% in July. The U.S. economy expanded at a 4% annual rate in the second quarter after contracting 2.1% in the first quarter.

The Fed also said that inflation had moved closer to its 2% target.