Meeting included broad inflation debate, with a few participants saying rate hike should be deferred until data showed inflation was clearly on a path to fed's 2 percent target

Many participants said the economy is operating at or above full employment and would continue growing above trend

Concerns about inflation were widely shared; "many participants" observed that weak inflation could prove persistent and may reflect drop in inflation expectations

Discussion also included possibility fed itself may have undercut inflation expectations by tightening monetary policy while price rises were below its target

A couple of participants discussed possibility that "alternative frameworks," such as price level targeting, might be warranted given persistent inflation shortfall