The US economy is set for solid growth of 2.25-2.50% rate this year, according to a top Fed official.
However, Dallas Federal Reserve Bank President Robert Kaplan told the FOX Business Network that it was too soon to say what effects US tariffs on Chinese imports would do to the country's currency or inflation rate.
Kaplan also reiterated that he wants to be patient on rates and avoid policies that might create excesses or imbalances in the US economy.
The Fed minutes have had little impact on Wall Street with all three indexes continuing to trade lower.
"I don't think the Fed is a major consideration for the market right now," says Robert Phipps, a director at Per Stirling Capital Management.
"There are times when geopolitical factors overwhelm everything else, and we believe this is increasingly one of those times."
Donald Trump had to decide by tomorrow whether to impose the tariffs on imported cars and parts.
That follows reports earlier in the week that the US President was going to allow a delay to allow more time for trade talks with the EU and Japan.
The President has now asked Trade Representative Robert Lighthizer to embark on negotiations and report back within 180 days.