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Fed minutes reinforced what central bank officials have been saying over and over again: Interest rates are going up.
"I'm convinced they're going if the data remains strong enough," said Lindsey Group strategist Peter Boockvar. "They told us, and (Fed Chair Janet) Yellen told us, and they're mostly likely going and this should not dissuade anyone from thinking that. "
Fed officials have been working hard to deliver the message that they would like to raise rates in December, if the economy is strong enough. The bond market has responded, particularly at the short end, and has been pricing in the idea of higher rates. That market held steady after the 2 p.m. EST release on Wednesday of Fed minutes, but stocks rallied.
"The bond market is saying 'The Fed just told me a December rate hike is a real potential.' It's data dependent and we're going to wait and see how things play out between now and then but they clearly have a bias to hike, all else being equal," said Ian Lyngen, CRT Capital senior Treasury strategist. "Which is the exact same thing all the Fed speakers have been saying for the past two weeks."