The Fed is showing that the market matters most

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If there was any doubt about who's calling the shots in the ongoing love affair between the Federal Reserve and the market, deliberations from the most recent meeting helped clear things up.

The central bank is showing some serious deference to the folks making the financial world move.

show officials worried both over events as they were unfolding in the world, and market reaction to them.

Why is that such a big deal? Because Fed Chair Janet Yellen and her fellow FOMC member have indicated time and again that they will be "data dependent" when deciding the future path of monetary policy generally and interest rates in particular.

The data, it turns out, had been pretty good leading up to the meeting, at least in the eyes of Fed officials.

The labor market had "improved considerably," according to the minutes. Inflation remained below the Fed's target of 2 percent, but central bank officials largely agreed that "expectations would remain stable" despite the slump in commodity prices, and that deflation would not be a problem.

"They agreed that developments over the intermeeting period had not materially altered the Committee's economic outlook," the minutes stated. "Nevertheless, in part because of the risks to the outlook for economic activity and inflation, the Committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up toward 2 percent over the medium term."