March rate hike odds are unchanged (below 40%) and the yield curve has flattened since The Fed’s February statement (despite heavy jawboning and higher inflation data) and so the Minutes were expected to help ease the markets to not be surprised. And they were...MANY FED OFFICIALS SAW HIKE `FAIRLY SOON’ IF ECONOMY ON TRACK. However, the Minutes also showed ‘balance’ by not proclaiming concern over inflation – *MANY FED VOTERS SAW ONLY MODEST RISK OF SIGNIFICANT INFLATION and FED OFFICIALS SAW DOWNSIDE RISKS FROM FURTHER DOLLAR STRENGTH.

Here is the key excerpt in which the Fed says a rate hike may be needed “fairly soon” if all goes according to plan..

….read the excerpt and more analysis HERE