The central bank has raised rates 10 times over the past 14 months.
The central bank has also raised interest rates six times in the last year, though with little effect.
It raised the rate back to 5.5 percent in March 1997.
Others will say it should have raised rates even higher.
Bank of America raised its prime rate to 9 percent.
Such a move would also be likely to raise interest rates in this country.
Everyone says he will soon raise interest rates again to stop more people from getting jobs.
The central bank, however, made no move to raise rates.
For some members, the minutes said, the decision not to raise rates "was a close call."
"I don't see much reason to raise real interest rates, which are already high."
