Analysts comb through these minutes to determine if individual committee members are striking hawkish or dovish tones in their remarks, regardless of what tone the statement took weeks prior.
While the original FOMC meeting statement released three weeks prior is a larger trading event, the meeting minutes can still have a sizable impact on the market. This is particularly true if the sentiment of committee members is different than what was released in their statement.
Traders may change their expectations of future market moves if the minutes include mentions of future changes or expectations for monetary policy on the part of committee members. This is especially true if there are dovish or hawkish tones in the minutes that were not actualized in the statement itself. Traders’ long-term strategies often shift when decision explanations are released.