Although there was no smoking gun in the release of today's Fed minutes, I suspect that the more Keynesian members of the board are frightened about the fiscal stimulus that will soon be coming from the Trump administration. With the economy at or very near the natural rate of unemployment, the economy has the very real potential of over heating.
Thus I suspect the the two perma-doves on the FOMC, Yellen and Brainard will soon switch from dove to hawk. Trust me the markets are not ready for this eventuality.
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