That move pushed market expectations for the next hike far past the summer, and the central bank has struggled to keep markets prepared for the possibility of a June hike.
Market expectations for a June hike jumped Wednesday after the Fed minutes release and have stayed above 30 percent since then, according to CME's FedWatch tool. Expectations for a July hike rose from 38 percent last Wednesday morning to more than 60 percent Monday.
"My bottom line was equity markets have probably discounted more of a June rate increase than the fed funds futures do," Nicholas Colas, chief market strategist at Convergex, told CNBC on Friday. He said stocks were also pricing in a greater chance of a June hike than the 2-year yield, which rose above 0.90 percent Tuesday.
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To be sure, the Fed could keep monetary policy unchanged at its June 14-15 meeting, set just eight days before Britain's vote. The next Fed meeting is July 26-27.
Ahead of that time, the Fed's emphasis on a gradual pace is important.
Any rate increase and expectations about one have implications beyond stocks to the U.S. dollar, commodities and emerging markets. Rollover in the last two could generate another bout of market volatility that pressures U.S. stocks, while sharp gains in the dollar have hurt corporate earnings.
But the currency may also be more comfortable with the Fed's recent hawkish tone, or at least expecting a very gradual pace of tightening. The U.S. dollar index is up 1 percent over the last five days. The S&P 500 was up nearly 1 percent in that time, while the Nasdaq was outperforming with a 2 percent gain.
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The next key commentary for stocks will be Fed Chair Janet Yellen's scheduled remarks Friday, when she receives an award from Harvard. But economists expect her speech on policy and the economy on June 6 to be more important, and since it follows the May jobs report, it could offer far more clues about the Fed's thinking ahead of its June meeting.