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This is what's worrying markets right now

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Fed phobia is running high ahead of Wednesday's release of Fed minutes.

The minutes, which will be released at 2 p.m. EDT, were already stirring up the bond market Tuesday morning, and that spilled into the stock market during the trading day.

"They are terrified of [the minutes], because there's a chance you'll get a sense of the bulk of the committee's views," said Art Cashin, director of floor operations at UBS. "Either way, it will have far more power than any number of individual speakers."

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