The market is higher, but we're not talking huge moves here. The market is looking at a plateau in the fed funds rate at or around 5%.

If you look at the data, we are seeing a subtle, upward pressure on core inflation.

Inflation has boxed the Fed in, they are going to have to keep moving rates up.

There's the potential for a positive surprise. But anything around or above 200,000 is a positive for the economy.

It was a great report, although one month does not a trend make.

The bond market is at a ridiculous valuation, whereas the stock valuation is low relative to bonds.

The minutes didn't change the outlook for the interest rate moves priced into the market. The Fed is expected to raise the funds rate at least two more times unless economic data is released that will change this assumption.

There was nothing too surprising in what he said.

They are saying that they are not convinced that the threat of higher energy prices is over, that they continue to worry about pricing pressure, and with a strong economy, they can keep raising rates.

They seemed to reassure the market that the economy was OK after the hurricanes, but overall, I don't think there's anything new, and that's why the stock and bond reaction has been muted.