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The news pushed the us dollar higher and sent the yield for the 10-year Treasury note to a fresh four-year peak of 2.95%.

Staff economists also delivered a separate briefing on inflation forecasting that largely supported the view recent softness in price pressures would prove transitory.

"Almost all participants continued to anticipate that inflation would move up to the 2% objective over the medium term as economic growth remained above trend and the labor market stayed strong", the minutes said.

The Fed cited the strength of recent economic data, accommodative financial conditions and the impact of a major tax cut that took effect in January, which it said might deliver a larger-than-expected increase in near-term economic growth.

The minutes also showed that voting members and the wider group of policymakers had upgraded their forecasts for the economic outlook since December.

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United States 10-year bond yields jumped following the release of the minutes of the Fed's January interest rate meeting.

For the moment, he argues that my positive scenario for growth, inflation and interest rates are dominating my negative scenario but he thinks things could change as we get into 2018.

That left the greenback up more than 2 percent from the three-year low it plumbed on Friday, and on track for its first weekly gain of 2018.

The Fed did not increase the key interest rate at last month's meeting and indicated three rate hikes are expected this year.

The meeting, the final gathering led by former Federal Reserve chair Janet Yellen, concluded 31 January. Higher rates can lure money out of equities and increase borrowing costs for corporations.

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"The Fed meeting minutes indicated Fed members weren't too anxious about inflation, so that was music to the market's ears", said Michael Arone, Chief Investment Strategist at State Street Global Advisors in Boston.

However, a couple of officials expressed their concerns that there was little evidence of meaningful improvement in inflation outlook. They noted a stronger US and global economy as well as expectations that the Republican tax cuts enacted in December would boost growth.

Benchmark 10-year notes last fell 13/32 in price to yield 2.9408 percent, from 2.893 percent late on Tuesday.

"Firms may be only just beginning to determine how they might allocate their tax savings among investment, worker compensation, mergers and acquisitions, returns to shareholders, or other uses", according to the minutes.

Investors are expecting a fairly strong number, which could help the New Zealand dollar, "but it's not really about the kiwi right now, it all about the U.S. dollar", he said.

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Stock market intelligentsia determined from the minutes of the last meeting that the Fed is on board to keep interest rates friendly to Wall Street.


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