If you were on one-side or the other of the September taper bet, you probably didn’t find anything in the Minutes that would make you feel differently. The other debate is on forward guidance and that’s where we got clarification.

Several participants were willing to contemplate lowering the unemployment threshold if additional accommodation were to become necessary or if the Committee wanted to adjust the mix of policy tools used to provide the appropriate level of accommodation.

The market had priced in a solid chance of something more dovish. This sounds like a change in guidance isn’t going to happen. Only ‘several’ participants were even willing to contemplate it and ‘a few’ didn’t like the idea of changing thresholds because it would indicate that all thresholds are willy-nilly.

A few > several only ‘willing to contemplate’ … USD = higher

The other reason for dollar strength, I believe, is that emerging market money was reluctant to buy dollars today until after the Minutes.