The Fed's September rate cut now looks even more controversial

• The term "several" also was used to describe the number of officials who believed recent data showed inflation was nearing the Fed's target.
• "A few" officials said they believed the market was pricing in too much policy easing from the Fed.

Be smart: One thing has become abundantly clear after the release of the Fed's minutes and Chairman Jerome Powell's speech in Denver on Tuesday: The Fed is going to start buying U.S. Treasury bills.

• "Bill purchases seem like a near certainty, and the size of the net buying could be in the hundreds of billions of dollars over the next year and a half," Bob Miller, BlackRock’s head of Americas fundamental fixed income, said in a note.

Go deeper: The world according to Jerome Powell