The latest FOMC minutes from the Fed's July meeting suggest most members of the committee are on-board with a policy plan after the Fed ends its bond buyback program this fall. Most members appear to agree that it would target a fed funds rate of 25 basis points. The minutes also mentioned that they are seeing continued improvement in the labor market which has 'moved noticeably closer to those viewed as normal in the longer run.' But they did have some concerns that 'gains in nominal wages and employee benefits remained modest.' Some members did express that it is becoming more difficult to measure slack in the labor market and they might need to come up with a new way to calculate it. FOMC members also said that while economic conditions around the U.S. appear to be improving, geopolitical worries about the Middle East and Ukraine are lingering. TheStreet's Ruben Ramirez breaks down the minutes with Wells Fargo Advantage Funds' Brian Jacobsen.