16.08.201714:05:00UTC+00Fed Concerned About Low Inflation, Minutes Show

The Federal Reserve remains on track to unwind its $4.5 trillion balance sheet at an "upcoming" meeting, according to the minutes of the central bank's July monetary policy decision.

Policy makers also expect to raise their benchmark lending rate by a quarter percentage point one more time this year despite ongoing concerns about stubbornly tame inflation.

Some members want to be "patient" on raising interest rates, however, as they lowered their forecast for underlying inflation.

Many senior officials saw a greater likelihood that "inflation might remain below 2% for longer than they currently expected."