As expected, the FOMC minutes from the March meeting were a non-event and contained no significant news. As a result, the market reaction was quite limited. Usually, the FOMC minutes are eagerly awaited as we get deeper insight into the different views among the FOMC members, which is not possible to extract from the statement. However, many FOMC members had already expressed their views in speeches after the meeting and thus we already knew the different positions before the release of the minutes.
The median Fed 'dot' signals two hikes this year while we still look for just one (most likely in September). Markets have priced a 75% probability of a hike this year.
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