FOMC minutes show most think slow inflation transitory

The US dollar is slightly stronger after the FOMC minutes but the general reaction is a shrug of the shoulders. That's because there are so many mixed signals in the minutes.

The main theme is that officials are divided on inflation, rates and when to trim the balance sheet. That puts the focus back on data in the months ahead.

In terms of rates, the Fed funds futures market was pricing in a 55% chance of a hike before the FOMC minutes and pricing in a 56% chance now.