The market is having second thoughts about the need for further Federal Reserve rate hikes following Friday's weak employment report.

Market forces will one day crush the Federal Reserve. One day, the market forces will reverse.

We still don't know how many more rate hikes there are in the cycle and the minutes don't really shed light on that. But rate hike increases are probably not large.

The pendulum has swung back in favor of a March rate hike. The dollar-bull camp is based on the interest-rate differentials. They have really renewed their widening.

The Federal Reserve - all of them - could be sitting on a barrel of dynamite, and then pouring gasoline on top of it, and then light a cigar with matches, throw the match into the gasoline, and then not notice that there is any danger.

The Federal Reserve is incapable of accomplishing its stated objectives.