The Fed minutes reaffirmed the central bank's plans to continue raising interest rates in an effort to return inflation to its 2% objective.
The Fed did not provide specific guidance regarding the pace of future rate hikes, noting that the extent of future policy tightening would depend on the implications of incoming data for the economic outlook and risks to the outlook.
The minutes did reveal that meeting participants believed it would be necessary to move to a "restrictive stance of policy" due to inflation remaining well above the Fed's objective.
At the same time, the Fed said participants judged that it would eventually become appropriate to slow the pace interest rate hikes in order to assess the impacts of higher rates on economic activity and inflation.
Data from the Commerce Department showed that core retail sales grew by 0.4% in July following a downwardly revised 0.9% advance in June. Economists had expected ex-auto sales to edge down to 0.1%.
U.S. retail sales were virtually unchanged in July after climbing by a downwardly revised 0.8% in June. Economists had expected retail sales to inch up by 0.1% compared to the 1% jump originally reported for the previous month.
The dollar index, which climbed to 106.89 in the European session, dropped to 106.39 post release of the Fed minutes, but recovered to 106.63 subsequently.
Against the Euro, the dollar is trading at $1.0177, down slightly from the previous close.
The dollar is trading at $1.2049 against Pound Sterling, firming from $1.2098.
Against the Japanese currency, the dollar firmed to 135.03 yen, gaining from 134.23 yen.
The dollar has strengthened to 0.6936 against the Aussie, rising nearly 1.3% from the previous close. Against Swiss franc, the dollar has climbed higher, fetching CHF 0.9517 a unit.
The Loonie is weak at 1.2907 against the U.S. dollar despite higher crude oil prices.