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The Federal Open Market Committee's minutes from its January meeting reveal that it is "in no rush" to raise interest rates, according to NAFCU Chief Economist and Director of Research Curt Long.

"At the end of 2014, the forward guidance was modified in a way so as not to upset financial markets, but in some sense they have just kicked the can down the road," Long said after studying the minutes. "Now, the committee is faced with the same problem as it looks for some way to remove the ‘patient' language from its statement without having markets assume a rate hike is right around the corner."

During the meeting, Federal Reserve Chair Janet Yellen said as long as the word "patient" is used in the committee's official statement, a rise in interest rates would be at least two meetings away. Long noted the committee's concern of a market overreaction after the word is dropped.

Overall, the minutes showed that the committee believes the economy is in good condition despite slowed growth and that members still believe inflation will reach the 2 percent goal eventually.