Perhaps most critically when breaking down the FOMC statement - the focus falls on one word: "various".
Bloomberg concludes that while policymakers stressed their “strong commitment” to reducing inflation, support for a higher rate peak may have been less than universal.
Hence the dovish lean to a hawkish message from the Minutes.
Since The Fed hiked rates by 75bps (for the 4th time) on Nov 2nd, the dollar has been monkeyhammered lower while bonds and bullion have outperformed (along with gains in stocks) as hopes for a pause (the FOMC statement) dominated reality of no pause (Powell and dozens of Fed Speakers since)...
While there has been lots of volatility, the market's expectation for The Fed's terminal rate is basically flat while the market's pricing in a more dovish reaction by The Fed after they have reached the peak and sparked a recession...
The yield curve has flattened dramatically since the last FOMC statement (inverting ever deeper as recession risks get priced in)...
So, all eyes will be on the Minutes for any signs of the 'pivot/pause/slow-down' that was hinted at in the statement but which Chair Powell destroyed in the press conference. Additionally, the 'higher for longer' narrative that has been pushed by numerous Fed Speakers in the last two weeks will be important to pay attention to (i.e if a higher terminal rate than previously thought is needed... and then maintaining that restrictive stance for longer before cutting rates to save the world). Any signals on financial stability anxiety, especially related to QT, will be monitored closely.
The bottom line is that the Minutes will be eyed for commentary on the central bank's reaction function to both labor and inflation.
https://www.zerohedge.com/markets/fomc-minutes-signal-higher-terminal-rate-slowing-pace-hikes.