RBS senior Treasury strategist John Briggs said the market expected to hear an overall dovish message. "On the market, I think we probably came in on balance…with most people thinking given the rate rise, the tone of this thing was going to be dovish. I'm not saying they're hawkish . I just don't think they're saying anything new," he said.
"The minutes basically say 'remember what Bernanke said at the July press conference – that's still our message.' The tapering time line is the same," he said. The Fed has said it expected to begin tapering before the end of the year.
(Read more: Keep printing? Fed stays in game, but exit looms)
The minutes also landed a day ahead of the annual Fed symposium in Jackson Hole, Wyo. Fed Chairman Ben Bernanke breaks with tradition this year and will not attend, but the symposium, starting Thursday evening, will certainly be filled with speculation about who will replace him in January.
"Jackson Hole could be interesting," said Knapp. "I think Jackson Hole is going to be a vigorous debate about the efficacy of asset purchases and the Fed will generally defend the impact on the U.S. economy,but there could be some very interesting work on the impact of emerging economies and foreign markets."
(Read more: Correction could top 5 percent: Wien)
Emerging markets have come under serious pressure, as U.S. rates rise and the Fed looks set to pull back from easing.
Briggs said he expects Treasury yields to continue to move higher and the bond market is trading anxiously. "I just think the market's vulnerable. It trades like it's vulnerable. We had emerging market woes, and it caused a one-day pop in the market. Now you've got stocks off late, causing no bounce. It tells you the market is long and vulnerable. I fear that the technical hedging that might need to occur if we continue to head north, especially if we go above 3 percent," he said, adding the 30-year is also aiming at the key 4 percent level.
"If we go above 3 percent, I think at that point, it might be an eye opener for the equity market. I think that would have a psychological impact on risk assets," he said. The selloff in stocks actually may curb some of the move higher in rates, he added.
Knapp said he expects rising rates to pressure stocks, and he expects the market to fall until the Fed starts tapering, which he expects in September. "The market's going down between now and then," he said. "By the beginning of October, we should likely be below 1600 (on the S&P)." The Fed meets Sept. 17 and 18.
Earnings before the bell are expected from Sears, Dollar Tree, Game Stop,Abercrombie and Fitch, and The Buckle. Gap, Marvell, Ross Stores, Pandora, andAeropostale report after the bell.
—By CNBC's Patti Domm. Follow here on Twitter @pattidomm.