NEW YORK (CNNMoney.com) -- When Federal Reserve policymakers met behind closed doors earlier this month to discuss the controversial policy of quantitative easing, the debate was a contentious one.
Minutes from the Federal Open Market Committee's Nov. 3 meeting released Tuesday, offer a fresh behind-the-scenes look into the private debate that transpired before Fed officials made the unpopular decision to initiate a new stimulus plan.
While only one Fed member, Kansas City Fed President Thomas Hoenig, formally voted against the plan -- several members also raised concerns that the Fed's newly launched $600 billion in asset purchases could have negative effects on the struggling U.S. economy.
The plan is meant to stimulate the economy by keeping interest rates low, leading to more borrowing and spending by both businesses and consumers.
Since the program was announced at the last meeting, the Fed has been under constant fire from critics across the globe -- including world leaders, conservative economists and outspoken politicians like Sarah Palin -- who fear the action will devalue the dollar.
Opponents say the Fed's move could reignite inflation pressures, cause a new global asset bubble or spark a so-called "currency war" in which nations competitively devalue their own currencies to keep their own exports competitive.
The minutes show that at least some Fed members shared those fears.
"Some participants noted concerns that additional expansion of the Federal Reserve's balance sheet could put unwanted downward pressure on the dollar's value in foreign exchange markets," the minutes said.
Some Fed officials also expressed concern that the so-called QE2 plan would "cause an undesirably large increase in inflation."
Economists have criticized Fed officials for being too outspoken with their dissenting viewpoints, saying an appearance of a divided central bank could undermine the institution's credibility.
The internal debate echoes the same uncertainty prevailing in financial markets and holding back the economic recovery, said Adolfo Laurenti, deputy chief economist at Mesirow Financial.
"Markets hate uncertainty, economists hate uncertainty too," said Laurenti. "We would like to know we're on an upward trend or downward trend, and the fact is that very intelligent people can make a very legitimate case for either side of the debate."
And according to the Fed, weak growth is not likely to end soon. The minutes show the Fed lowered its outlook for the U.S. economy and members said they considered their progress in building full employment and stable prices "disappointingly slow."
Carly Fiorina didn't buy CarlyFiorina.org, and she's going to regret that. More
President Vladimir Putin announced a new reserve fund for the BRICS nations that could attempt to rival the IMF. More
The London-based startup is on a quest to democratize access to technology and coding with its computer company. More
The financial costs and perks of getting hitched aren't limited to weddings. Your new marital status will be a factor when you file your taxes. For some couples, it means paying a higher tax bill. But others could see tax savings. More