I just finished reading the FOMC minutes from the November 1 meeting, which are available here.
It appears that some Fed Governors are fearful that the rate hikes may go too far. That seems quite dovish, when we all had the opinion that these rate hikes might last forever. To be honest, the Fed sort of lulled us all into complacency and traders (especially the big money traders) were betting on rate hikes as high as 5% and perhaps 5.5%. That seems less likely now.
The FOMC statement also hinted that the "measured pace" language is going to need to be removed soon, even when the Fed does hike rates (which it is expected to do at the next meeting).
Big times ahead for currency traders. We are going to have some big moves when this all gets sorted out.
