David Kelly Fed Quotations

Reading the minutes carefully, I don't think it really changes my view or the market's view of where the Fed was.

I fully expect that when the Fed decides to put an end to rate hikes they will give us notice,

One thing that's clear is that the Fed is determined to still seem balanced. The minutes will reflect a little more inflation concern and a little more concern about the economy but no deviation from the measured pace.

What's remarkable is how little the statement changed. The one thing that is important is that the Fed has always, over the past few years, tipped its hand. But they have still not indicated that they are close to ending their tightening.

I believe the Fed needs to wean the economy off the morphine drip of low interest rates before it gets hooked.