Likely market reaction to the Fed minutes

It is no surprise that the Fed has been remarkably successful in disappointing the market this year. Now that the year is winding down, the probability (or perceived probability, that is) of a near-term rate hike is gaining some weight. Let's hope to read anything but the words "wait and see" in the FOMC minutes!

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FOMC made some hawkish statements, but wrapped them up with dovish parchment. "Rate hike imminent, BUT let's wait for new data." This decision was essentially priced in, so I think the short is still likely in the long run.