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Will the Fed rock the boat again?

Awake the sleeping bond market

Whether they reveal anything new or just nuance, the minutes from the Fed's last meeting will be a major highlight of the trading week when they are released Wednesday afternoon.

Traders are watching to see if the minutes take on a more hawkish tone, particularly after Fed Chair Janet Yellen said during her March 19 press briefing that the Fed could start raising short-term interest rates about six months after ending its bond-buying program, expected in the fall.

"I think that was a mistake," said Stephen Stanley, chief economist at Pierpont Securities. Since that comment, some traders have taken it as a misstep by the new Fed chair, and Fed officials have been vague about the timing of their move away from a zero fed funds rate. But the remark did initially jar markets, and immediately sent stocks lower, and bond yields and the dollar higher.