Hilsenrath's take on the FOMC minutes:
He highlighted this passage to start in his review of the FOMC minutes:
"A few anticipated that the information that would accrue by the time of the June meeting would likely indicate sufficient improvement in the economic outlook to lead the Committee to judge that its conditions for beginning policy firming had been met," the meeting minutes said.
"Many participants, however, thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied, although they generally did not rule out this possibility."
The market already know a rate hike wasn't coming. The more important takeaway is buried further down:
"Fed officials and Fed staff were generally upbeat about the medium-run outlook, even though the economy had clearly stumbled in the first quarter. Fed staff, according to the minutes, revised up its growth outlook because the dollar had weakened-which could help exports-and interest rates were expected to stay low longer than previously expected."
However, Hilsenrath notes at the end of his story that many private economists have revised down growth forecasts since the FOMC meeting.