In the September meeting minutes, the Fed added some of the concerns it saw for the economy. Stocks rallied on the belief the Fed would keep rates low for longer. The Dow rose 1.6 percent, and the S&P 500 was up 1.8 percent on Oct. 8, then the best day of the year to date. The market has since had a better day—Oct. 21 when the S&P was up nearly 2 percent.
On Tuesday, both the Dow an S&P 500 rallied to new highs, the 43rd of the year for the S&P. The S&P ended the day at 2,051, up 10 points and the Dow was up 40 points at 17,687.
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"Last time they were talking about the weakness in Europe and the strong dollar and how that would keep inflation down. That's what people really lighted on last time," Burns said.
But Boockvar said the market isn't used to the Fed's more hawkish tone, and he thinks it has ignored it.
"You had (New York Fed President William) Dudley and (Fed Chair Janet) Yellen in speeches over the last couple of weeks raising the potential for heightened volatility when they go to raise interest rates. If you think it's going to be the middle or end of the next year, that's a mistake.
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"The unemployment rate is falling 0.1 every month on average. If you continued on this path, you're going to have 5.5 to 5.4 percent unemployment rate by February or March of next year," Boockvar said.
Besides the Fed minutes, there are housing starts and building permits, both at 8:30 a.m. EST. Earnings are expected from Lowe's, JM Smuckers, Staples, and Target before the bell. Keurig Green Mountain, L Brands, Williams-Sonoma, Salesforce.com and Jumei report after the close.
CORRECTION: updates with correct name of Arthur Bass, Societe General/Newedge co-head financial futures and options