FOMC Mulls Removal of 'Considerable Time' From Statement

Stocks dipped slightly following the release of the October FOMC minutes. One of the biggest issues surrounding the central bank is when short-term interest rates, also known as the fed funds rate, will rise. Rates have remained near zero since December 2008 and the Fed has said rates will remain low for a 'considerable time' after its bond stimulus, known as quantitative easing, ended in October. The minutes revealed that some FOMC members proposed eliminating the phrase 'considerable time' from its statement and instead provide more guidance on when rates will rise. In the end, the language remains in the Fed's statement, for fear of rocking financial markets. The minutes also gave insight on the status of inflation and the housing market. TheStreet's Scott Gamm reports from New York.