Federal reserve was split over decision to delay interest rate hike

Minutes from the meeting in which Fed voted to leave its rate unchanged showed some argued for 'caution' while others expressed concern over wait

Federal Reserve policymakers were split at their last meeting over how to respond to a slowing global economy, with two officials supporting a rate hike in March even as an opposing group felt that even raising rates in April would be too soon.

Minutes of the Fed's 15-16 March meeting released Wednesday showed that several participants argued for "proceeding cautiously" with future rate hikes because of global risks such as weaker growth in China. This group said that even raising rates in April "would signal a sense of urgency they did not think appropriate".

Related: Fed officials hint at interest rate hikes but Janet Yellen urges caution