What to Watch in Today's Fed Minutes

Not to be confused with an actual Fed Day Announcement, today's Fed Minutes simply offers a more detailed account of the meeting that took place 3 weeks ago.  This was the most interesting meeting in recent memory as it was the first time during this rate hike cycle that the Fed decided to pause/skip/forego another hike. 

Their line of thinking is probably already fairly well understood by the market, but additional insights can always arise from the Minutes.  We'd like to hear more about their thoughts on bank lending tightening, the notion of cutting rates while continuing balance sheet normalization, and the consensus on the time frame to hold the Fed Funds Rate at the terminal/ceiling level.

To be sure, the market is increasingly fully onboard with the Fed having reached that ceiling.  Fed Funds futures contracts for the next few meetings are all converging on current rate levels.  As a reminder, this is why 2yr Treasuries have outperformed 10yr Treasuries (2s are more anchored to Fed rate expectations).