Federal Reserve divided on long-term outlook, report shows

July 5 (UPI) -- The U.S. Federal Reserve is somewhat divided on the economy's long-term outlook, details from its June meeting showed Wednesday.

The central bank voted to raise benchmark interest rates at last month's meeting, but the Fed's minutes reports, released Wednesday, showed that members were "less comfortable" about the long-term plan.

The minutes showed that members were uncertain when to start reducing the bank's substantial balance sheet. Previously, some members have expressed a desire to start the process before the end of the year, while others preferred to see how the economy responds to changes brought on by the new U.S. administration.

Last month, the Fed raised the federal funds rate to between 1 and 1.25 quarter point, the third rate increase in the last six months.

The bank has stated that it plans to raise rates three times a year in 2018 and 2019. Some analysts, though, have questioned whether the domestic market climate can support such an ambitious schedule.

Inflation, a key indicator in gauging economic health, has remained below the Fed's 2 percent threshold -- leading some experts to wonder if the market climate isn't as good as other signals have suggested.

Among the strong aspects of the U.S. economy are an improved labor market, consumer spending and business investments.