The committee agreed to maintain a close watch on these factors.

"To keep inflation expectations anchored, all participants agreed that monetary policy would need to be responsive to any significant improvement or worsening in the economic outlook and that the Federal Reserve would need to continue to clearly communicate its ability and intent to begin withdrawing monetary policy accommodation at the appropriate time and pace," according to the freshly-released minutes.

Policy was another area of discord as some officials questioned whether a sustainable recovery was possible without government support. The still-suffering housing sector presented particular concern regarding plans to exit government support programs.

"They noted the risk that improvements in the housing sector might be undercut next year as the Federal Reserve's purchases of mortgage-backed securities wind down, homebuyer tax credits expire and foreclosures and distress sales continue," the minutes read.

The labor market warranted considerable attention as members widely agreed that improvements would be more gradual than in previous recessions. Even as retailers like Amazon.com (AMZN Quote) and other companies have seen signs of improved consumer spending, members noted that even businesses seeing higher demand for products, are still cautious when it comes to adding jobs and increasing capital spending since the economic outlook remains uncertain.

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The Treasury Department said Thursday it removed the $400 billion financial cap on the money it will provide to keep the companies afloat. Already, taxpayers have shelled out $111 billion to the pair, and a senior Treasury official said losses are not expected to exceed the government's estimate this summer of $170 billion over 10 years.

Treasury Department officials said it will now use a flexible formula to ensure the two agencies can stand behind the billions of dollars in mortgage-backed securities they sell to investors. Under the formula, financial support would increase according to how much each firm loses in a quarter. The cap in place at the end of 2012 would apply thereafter.