John Briggs, head of strategy at NatWest Markets, said some in the markets were focused on language in the minutes about awaiting additional evidence for economic improvement.
"Members generally judged that it would be prudent to await additional evidence indicating that the recent slowing in the pace of economic activity had been transitory before taking another step in removing accommodation," the minutes said.
"I think they're overreacting to that," Briggs said, adding he expects the Fed to hike in June.
The Fed said both softer consumer spending and lower-than-expected inflation appeared to be transitory factors, and officials said they see near-term risks to the outlook as roughly balanced.
Mike Schumacher, director of rates strategy at Wells Fargo, said the Fed appears to be ready to hike in June, but it also left itself wiggle room. "The door is wide open but there is a lot of fudge factor there," he said.
The Fed also provided some details on how it could taper back its balance sheet, an expected move that would include a steady increase in the level of securities it would roll off each month. Economists believe the Fed would pause in its rate hiking, before setting up the program at the end of the year, to slow reinvesting in Treasury and mortgages as securities on its balance sheet mature.
"I think there's still two rate hikes. What they want to do is set up a trajectory so there's a path to rate hikes and unwind the balance sheet in a measured and slow way before Chair Yellen leaves office," said Diane Swonk, CEO of DS Economics. Fed Chair Janet Yellen's term expires in the new year.
Ed Keon, managing director and portfolio manager at QMA, said the release was as expected, but he also said the Fed gave itself an out for June. "I don't think the minutes tell us for sure they're going to move in June, but that's still my best guess. They left the door open for additional data as they usually do," he said. "In my view, June is more than a 50/50 shot, but I think they were careful to include some words that would allow them to pass on June if they thought it was necessary."
Keon pointed to the weak first quarter, with growth of less than 1 percent, and continued negative surprises in second-quarter economic reports, including this week's housing data.
"There's nothing in here to suggest they are not" going to hike rates in June, said Ward McCarthy, chief financial economist at Jefferies. "They're not going to explicitly say we think we're going to raise in June. They were somewhat dismissive of the inflation picture which would be the primary impediment to a June rate hike."
Watch: Fed says balance sheet should be reduced this year