Here’s the quick take from WSJ Fedwatcher Jon Hilsenrath:

Federal Reserve officials debated at their July meeting whether to move sooner than expected to start raising interest rates in light of an improving job market and rising inflation, but decided they needed more evidence before concluding that was the right approach.

The minutes of the meeting, released Wednesday, provide fresh evidence of an intensifying debate inside the central bank about when to respond to a surprisingly swift descent in the unemployment rate and rising consumer prices.

Hilsenrath doesn’t seem to have any inside access to the Fed since Yellen took over but it’s some descent real-time analysis and the market reacts to what he says.

The US dollar is making fresh highs right across the board. Interesting though that cable hit a new low but didn’t continue falling.