Fed officials worry that the trade war poses the biggest threat to 'strong' economy

Fed released minutes from its July 31-Aug. 1 meeting on Wednesday.

Officials said it would "likely soon be appropriate to take another step in removing policy accommodation."

"Participants observed that if a large-scale and prolonged dispute over trade policies developed, there would likely be adverse effects on business sentiment, investment spending, and employment," the minutes also stated.

Jeff Cox | @JeffCoxCNBCcom