* Proceed with caution
The minutes from the December 17 FOMC meeting sent a similar signal as the
statement – the Fed will be patient, but is on track to hike interest rates this year.
There were three main points from the minutes: 1) the FOMC sees lower oil prices
and the stronger dollar as creating a temporary drop in inflation, 2) the decline in
energy prices is a net stimulus for the economy and 3) global risks are balanced.
The minutes also reiterated comments from Fed Chair Yellen that the FOMC is
concerned with misinterpretation from the markets and will be careful with
communication changes.