While the market may have perceived the Fed as being overly aggressive, the minutes revealed policymakers took a more cautious approach to further rate increases than their statement indicated. "Many participants expressed the view that, especially in an environment of muted inflation pressures, the committee could afford to be patient about further policy firming," the central bank said in the minutes. "Participants expressed that recent developments, including the volatility in financial markets and the increased concerns about global growth, made the appropriate extent and timing of future policy firming less clear than earlier," the minutes said.