The next FOMC meeting was the focus of the last FOMC meeting. Seeing little risk that undershooting unemployment would risk overshooting their inflation target, the 17 FOMC members agreed in their January meeting to push back the question of a rate hike to the March FOMC. They also agreed to begin discussion of changing the Fed's balance-sheet plans, not at the January meeting, but at upcoming meetings.
"Many", in the language of the minutes, agreed that another rate hike following the one in December would be appropriate "fairly soon". Hawks at the meeting argued that a rate hike sooner than later would give the committee greater policy flexibility down the road.
The references to future meetings give these minutes a hawkish spin, and the push among the hawks for a rate hike may well raise expectations for one at the March meeting. Going into today's minutes, the May FOMC meeting was considered more a chance for a rate hike than March. There's very little initial reaction in the Treasury market.
In special notes, Fed officials are now prohibited from speaking about monetary policy 10 days before a policy-making meeting, rather than one week. The Fed is also expanding the information provided with its quarterly economic forecasts to include an illustration of the uncertainty surrounding its projections, known as fan charts.