With benchmarks at or near all-time highs, U.S. stocks hardly changed Wednesday following record closing highs for both the Dow and S&P 500.

Wall Street took minutes from the Federal Reserve's last policy meeting, which had some central bankers concerned that prices were not increasing rapidly enough.

The minutes from the central bank come from an October session in which the Fed finished up its bond-buying program and stuck with a pledge to keep interest rates low for a considerable period.

The minutes had Fed members continuing to, as reported by CNBC, "expect inflation to move back to the committee's 2 percent target over the medium term as resource slack diminished in an environment of well-anchored inflation expectations."

Many members of the Fed noted that the Federal Open Market Committee should be on the look out for a possible "downward shift in longer-term inflation expectations. Some of them noted that if such an outcome occurred, it would be even more worrisome if growth faltered."

Mike Materasso, senior vice president and co-chair of the Franklin Templeton fixed-income policy committee, said "The inflation side of their mandate is their ace in the hole. If you look at the trajectory of nonfarm payrolls, since the beginning of the year, it's been running over 200,000 a month. If that continues we will reach full employment in the first quarter of next year. But if inflation is running significantly below the 2 percent level, that gives them more time."

Tom Kersting, principal and fixed-income investment strategist at Edward Jones commented that: "As inflation remains low, well below their own internal target, it gives the Fed more leeway to keep rates lower for longer."

Kersting went on to add that this "really wasn't a significant announcement, bond, stock and currency markets haven't moved materially on the release."