The Federal Reserve’s decision to raise interest rates last month was a “close call” for some policy makers who worried about too-low inflation and received assurances that their colleagues would closely monitor its progress.

Federal Reserve Bank of Chicago President Charles Evans said he’s less optimistic on inflation than his policy-making colleagues, making a case for why the U.S. central bank should take an especially cautious approach to raising interest rates in 2016.

Jan. 06--The Federal Reserve's decision to raise a key interest rate last month for the first time in nearly a decade was a "close call" for some policymakers, who were concerned that inflation remained well below the central bank's desired level, according to minutes of their meeting released Wednesday.

With Federal Reserve policy makers having already moved forward with their first interest-rate increase in almost a decade, Friday’s U.S. jobs report takes on elevated importance for a different reason.

Time is on the Federal Reserve’s side -- unlike the last time Chinese markets were in turmoil.

Minutes reveal some policymakers remained concerned about stubbornly low inflation but economists believe rate hike will be first of several to come in 2016