EXCERPT:
"Officials have said three conditions warrant keeping the 'extended period' language in place: The economy is burdened by slack; market expectations for future inflation are stable; and current inflation is subdued. The minutes point to disagreement over two of those conditions—inflation expectations and the amount of slack in the economy.
"While surveys of household inflation expectations were stable, the Fed noted, some market-based measures of inflation expectations 'suggested continuing concern among market participants about the risk of higher medium-term inflation,' the minutes noted."
