The Fed is going to finish at about 5 percent, or certainly pause at 5 percent.

Sentiment is building that the Fed may pause for a while after raising rates to 5 percent next month. That helps shorter-maturity debt, especially two-year notes.

There's a point at which the Fed has to indicate that it has to pause and look around for a while, and that could come in these minutes, or the next ones.

He's been very clear. The Fed may take a pause for a month or two, but that doesn't mean it's the end of the rate hikes.

A pause by the Fed would give a temporary boost to stocks.

It's just adding to the notion that the Fed is on the cusp of an imminent and extended pause. It's proving what everybody was thinking -- the I-told-you-so crowd -- that oil is going to weaken things.