The FOMC minutes from October's meeting are unlikely to damage expectations of a December Fed funds rate increase, especially as there was clear intent by the Fed at the meeting to shift market expectations towards expecting a December move. There are, however, likely to be important caveats surrounding longer-term expectations and a strong commitment to the pace of rate increases being slow and gradual. Doves on the committee may have conceded ground over a December hike, but their commitment to slowing the pace of further hikes is likely to have hardened given the low inflation profile. Given these background ... (full story)