The FOMC minutes point to a Fed that looks very cautious – and as a result might have a risk of being slow to stop increasing rates if warranted by the economy. For issuers, this might make it better to raise funds early, or to wait until after the risk of overshoot has subsided (and rates have been rapidly brought back down to compensate for an overshoot).

The FOMC minutes point to a Fed that sees a strong economy and labor market – where the risk of inflation is greater than the risk of unemployment. Participants indicated that they want to see inflation clearly on its way back to 2% before changing their restrictive policy stance – which may result in a rates overshoot as data lags the economy.