CIBC Research comments on today's FOMC minutes from the September meeting:

"The Fed minutes couldn't really add that much to the rate outlook, since we already have a "dot" forecast that shows that all but four FOMC members expect to hike before year end.

At that time, the Fed hadn't seen much signs of a pick-up in wages, but "most" were expecting them ahead, so the recent upward revision to August wage inflation data (and the storm-affected further climb in September) wouldn't have been much of a surprise.

Finally, remember that the composition of the FOMC will be changing in the quarters ahead, so today's minutes might not reflect the views of the Fed's composition a few quarters from now," CIBC argues.

Source: CIBC Economics – CIBC Capital MarketsOriginal Article