Fed Minutes Are Minutia Except For One Critically Important, Widely Ignored Detail - The Wall Street Examiner

``Last September they proposed to shrink the balance sheet after beginning to raise rates, which is a form of putting the cart before the horse. I believe that they'll find, if and when they try to raise rates, that the market won't cooperate. Rates should only begin to rise when the actually shrink the balance sheet, thereby reducing the amount of excess cash in the banks, although how much shrinkage will be needed to sustain even minimally higher rates can't be known.''