According to the minutes, the central bank sees a system where it will announce cap limits on how much it will allow to roll off each month without reinvesting. Any amount it receives in repayments that exceeds the cap limit will be reinvested.
Many economists have been anticipating the central bank will increase interest rates in June and September and begin to focus on its balance sheet at its December meeting.
However, Booth, now president of Money Strong, isn't so sure the markets believe a September hike is coming, and she thinks they are also beginning to question whether it will happen in June.
"We've seen rents start to come down in many major metropolitan areas. That will feed into the inflation metrics that they pointed out in these minutes. They're concerned that inflation is declining," she said.
Ernesto Ramos, head of equities at BMO Global Asset Management, has "mild concern" about the upcoming hikes and winding down of the balance sheet.
"We've gotten to somewhat … heightened levels of valuations in the stock market and I think part of that has been sustained by the easy money. So, as that easy money goes away, gradually those valuations become more sustainable," he told "Power Lunch."
"Except earnings growth is picking up substantially … we expect that to continue in the double digits for the next year," he added.
He suggests investors stay exposed to stocks, but in a defensive way. He specifically likes Apple, Baxter International, American Express and Darden Restaurants.
—CNBC's Jeff Cox and Patti Domm contributed to this report.
Disclosures: Ramos owns Apple, Baxter International, American Express and Darden Restaurants through BMO funds.