Here Come The Fed Minutes ...
At 2:00 pm ET, we'll find out some of how they came to that decision.
The minutes from the Federal Reserve's December FOMC meeting are set for release at the top of the hour, and in some ways, the minutes are more interesting that the policy statement itself, providing the market and Fed watchers a window into what the Fed was thinking and discussing as they crafted their most recent policy statement.
The key passage from December's statement was: "Based on its current assessment, the Committee judges that it can be patient in beginning to normalize the stance of monetary policy."
The Fed added that this guidance is "consistent" with its previous language that indicated the Fed would wait a "considerable time" before normalizing policy.
This statement had some in the market scratching their heads, as the presence of "considerable time" - used not as guidance but as a comparison - had some arguing that the Fed didn't change their language at all.
Except they did. And shortly, we'll know a bit more about why.
We'll be back with complete coverage when the Minutes drop.