While it was unclear exactly how to interpret the statement as per usual, the minutes were definitely to the dovish side and based on the minutes it is hard to see another hike at least until June.
In general, the Fed was not sure how to interpret the developments in the economy and in the financial markets since the initial lift-off in December. We continue to believe that Fed will stay on hold until September due to continued stress in financial markets short term and rising risk of a systemic crisis. The Fed will not risk tightening too much, too quickly see also Research US: Fed on hold - uncertainty set to keep Fed sidelined, 12 February.
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