Members of the Federal Reserve’s advisory council, which includes the Board of Governors, have expressed strong concerns over the Fed’s low-interest rate policies and its bond-purchase program, which they say could trigger unmanageable inflation and an “unsustainable bubble” in the stock and bond markets.

Minutes of the Federal Advisory Council meeting held on May 17 were published Friday on the Fed’s website and reveal concerns among its officials over the long-term ramifications of its quantitative easing policies.

“There is also concern about the possibility of a breakout of inflation, although current inflation risk is not considered unmanageable, and of an unsustainable bubble in equity and fixed-income markets given current prices,” according to the minutes of the council meeting.