Today’s FOMC Minutes release has come and gone, giving an abundance of food-for-thought to active traders. Aside from media outlets not being allowed to review the minutes due to the U.S. government closure (extreme weather), things went pretty much as expected. The transcripts from January’s FED meeting showed the FOMC to be flexible and accommodative, in line with Jerome Powell’s commentary last month.

FOMC Minutes Highlights

The unconventional release of today’s FOMC Minutes has prompted chaotic price action across the markets. Typically, members of the media receive advanced access to the minutes and prepare talking points for the release. Today, everyone received the minutes at the same time via the FED’s website.

Here are the high points of January’s FOMC meeting:

• “Many” participants suggested that “it was not yet clear what adjustments to the federal funds rate may be appropriate this year.”
• “Several” members suggested that “if the economy evolves as expected, higher rates would be appropriate later in the year.”
• “Others” said that “rate hikes might be necessary only if inflation outcomes were higher than in their baseline outlook.”

Bottom Line: All in all, today’s release has come out in a disjointed fashion. Not much has transpired in the markets, but the tone continues to be dovish. As of now, the FED is going to proceed in a “flexible” and “patient” fashion ― not at all unexpected in the lead up to today’s release.