Fed Chairman Ben Bernanke and his colleagues have said they expect interest rates to remain low for the foreseeable future.
Fed officials haven't publicly addressed the issue of how they will proceed. The Fed loaded up its balance sheet by purchasing mortgage-backed securities through a program, which ended in March, designed to lower the costs of home loans and bolster the weakened housing market.
"Meeting participants agreed broadly on key objectives of a longer-run strategy for asset sales and redemptions," although some wanted to announce a schedule that sales would begin soon, according to the minutes.
Meanwhile, the Senate and House have voted, in varying degrees, to audit the Fed's books, examining its actions during the recession.