FOMC Minutes showed a growing openness to rate hikes from some participants

Rate hikes are back on the table, though that likely changes with peace in Iran Highlights of the March 17-18 FOMC Minutes:'Vast majority' saw upside risks to inflation and downside risks to employment as elevated'Many' judged it would likely become appropriate to lower rates if inflation declines in line with expectations'Some' saw a 'strong case' for a two-sided… Highlights of the March 17-18 FOMC Minutes: . 'Vast majority' saw upside risks to inflation and downside risks to employment as elevated 'Many' judged it would likely become appropriate to lower ra... Highlights of the March 17-18 FOMC Minutes: 'Vast majority' saw upside risks to inflation and downside risks to employment as elevated 'Many' judged it would likely become appropriate to lower rates if inflation declines in line with expectations 'Some' saw a 'strong case' for a two-sided description of future rate decisions — i.e. acknowledging hikes could be appropriate 'A couple' of participants pushed their timing for rate cuts further into… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.