The market wanted to believe that the FOMC minutes meant the Fed was closer to hiking rates, or was moving up the agenda but the minutes almost literally say that nothing has changed.
Most participants favored providing an explicit indication in the statement that the new forward guidance, taken as a whole, did not imply a change in the Committee’s policy intentions, on the grounds that such an indication could help forestall misinterpretation of the new forward guidance.
For the dollar, the front-end of the curve drove dollar buying after the FOMC and now that’s unwinding. 2-year yields are in freefall:
US 2 year yields