We expect the recent jump in retail gasoline prices to push down confidence. Optimistic views around the labor market will likely offset some of the gasoline sticker shock.

From his comments, it is clear that the US Fed will keep raising rates, hoping to bring the housing market to a very soft landing.

Growth was lower than expectations because of inventories -- which will need to be rebuilt -- while moderating employment costs will make it less costly for firms to hire additional workers. The still-strong level of wage and salary should buoy consumption.

Higher oil increasingly will creep into the indicators. Today, it biased the trade gap higher and pushed up import prices and also impeded the consumer sentiment number.

I think these minutes ratify the middle view in the markets, not that the Fed's done and not that the Fed's going to 6 percent.

I think what this does is ratify the Fed's current stance --- moving at a measured pace seems to be the prudent course.