WASHINGTON – Most Federal Reserve policymakers last month believed the end of the central bank’s nearly two-year rate-hike campaign was probably close at hand. Some also raised concerns about the potential dangers of pushing up rates too high.

Minutes of the Fed’s closed door meeting on March 27-28 – Ben Bernanke’s first as chairman – were released yesterday and provided insight into policymakers’ thinking as they grappled with what might be the appropriate time for the central bank to bring its credit tightening campaign to an end.

“Most members thought that the end of the tightening process was likely to be near,” according to the minutes.

On Wall Street, the Fed minutes buoyed investors and sent stocks soaring. The Dow Jones industrials gained 194.99 points to close at 11,268.77. Stocks finished higher despite galloping oil prices, which closed at record high of $71.35 a barrel.

But the document hinted at the difficulties in assessing the situation. If the Fed waits too long, economic activity could be hurt. If it stops raising rates too soon, inflation could get out of control.

“Some expressed concerns about the dangers of tightening too much, given the lags in the effects of policy,” the minutes said.