RBS economists expect the first rate hike in September, as do many Wall Street firms. Traders, however, have been changing bets daily on the timing.
"There were lots of uncertainties (in the minutes). I think there was nothing surprising," Mellman said, noting the Fed continued to point to the lack of inflation. He also said there were a lot of disparate views on the FOMC. "From our point of view, no one's made a decision and it doesn't look like Janet Yellen, as of July, tried to pull the group together in terms of making a decision."
Read MoreOdds of Sept rate hike decline after minutes
The dollar fell, reaching a fresh August low against the yen. The 10-year Treasury slipped to 2.15 percent and was briefly at its 200-day moving average at 2.138 percent. The minutes were released earlier than the normal 2 p.m. EDT by a news agency, and the headlines started moving at 1:37 p.m. EDT.
"I think that the market is emphasizing two parts to the minutes. One is where they said several wanted more signs of pressure on inflation, and the other was the downside risks from abroad and that was before the latest drop in oil prices and before the Chinese devaluation," said Marc Chandler, head of currency strategy at Brown Brothers Harriman.
Chandler said he still expects a September rate hike, adding the Fed was responding in its July meeting minutes to the Chinese economic weakness and stock market slump, which were known at the time.
"I think what the market is doing is reading the minutes through what we know now. What we know now is after the stock market slump, they devalued the currency and oil prices made new lows, sharply lower new lows. On the margin, you'll find a few people will feel more confident of no hike in September. I'm not there yet," Chandler said.
Read MoreYields tumble to session lows after Fed minutes
He said the Fed decision will hinge heavily on the August employment report and that will be the next big event for markets.
"The Federal Reserve cannot set monetary policy on what happens in Beijing or Riyadh, and it can't be decided by the day trader on the New York Stock Exchange or by the algos that can inject volatility into the stock market," Chandler said.
"What can change the psychology? I think we really have to wait until we have the jobs data," he said.
Read MoreChair Yellen, please take your victory lap!
RBS says its calculation of market pricing suggests traders are betting the first full rate hike by the Fed will now be in January. Before the Fed minutes, it had been priced in as December. The odds of a September rate rise fell to 36 percent from 45 percent Tuesday. The odds for December fell to 85 percent, from 100 percent before the minutes.
Gold firmed after the minutes, with futures up more than 1 percent at $1,129.50 per ounce.
The divide over the Fed's start date is intense, with a slight majority of economists leaning toward a September hike, according to CNBC's latest Fed survey. The disagreement makes any bit of new information that could help tilt the discussion all the more important. While JPMorgan and RBS are in the September camp, Goldman Sachs economists see December as more likely for a first hike.