The members of the Federal Open Market Committee agreed unanimously in March that a 6.5 percent unemployment target for raising interest rates was "outdated" and should be removed, according to meeting minutes.
Overall, the minutes portray a committee set on keeping interest rates low for the foreseeable future, despite some market rumblings after the meeting. Equity markets rallied on the news, helping halve an aggressive selloff last week and early this week, while bond yields fell.
"There was little if any surprise in the FOMC minutes and we continue to expect a slow, deliberate Fed exit, helping support capital markets," Ethan Harris, co-head of global economics research at Bank of America Merrill Lynch, said in a note.
In the lone surprise development from the minutes, the Fed held a previously undisclosed emergency video conference March 4 to discuss getting rid of the jobless rate target.
The March Fed gathering was significant not for what the central bank did regarding its monthly money-printing program, but rather for how it will determine when interest rates will increase.
Previously, the Fed had indicated that a drop in the unemployment rate could trigger the beginning of rate increases, provided it accompanied a 2.5 percent inflation rate. But with the jobless number nearing the target and inflation well short, the Fed decided to change gears.