Here are the most important headlines that are taken from the FOMC minutes:
Most Fed officials back policy change that would begin shrinking the $4.5 trillion balance sheet later this year
Some FOMC members see stock prices as "quite high"
FOMC still saw gradual rate hikes as appropriate
Fiscal policy as upside risk to economy
FED saw January consumption slowdown as temporary
Officials divided over level of slacking labor market
Generally saw global and economic risks lower
Fed officials divided over how close inflation was the goal
Some interesting statements on the balance sheet, but overall the document doesn’t change much in the market’s view. That is why we can’t see a solid increase in volatility.