Federal Reserve officials were nearly united in supporting the slowing of US central bank asset purchases later this year, but divided on the timing of their first move, according to minutes from their last meeting on July 31. They also openly debated delaying the first increase in interest rates.

US Treasury prices fell, while the US dollar extended its advance immediately after the release of the Fed minutes. They show policy makers grappling with what would be their first step towards trimming the monetary support for the US recovery in place in various stages since the financial crisis.

The insight into the Fed’s thinking comes against the backdrop of mounting anxiety over the prospect the US central bank will start reducing the supply of easy money.