Fed Minutes没有惊喜算利好？ Fed fund futures are back to tipping a 25 basis-point hike after the Fed’s minutes revealed no discussion of 50 basis points at the January FOMC. Futures imply a 55.7% probability of 25 basis points versus the near 90% probability priced in last week after surprise comments by St. Louis Fed President James Bullard. The March 10 release of the February 2022 U.S. CPI is the crucial data release which will decide how front-loaded the Fed’s rate hike train will be.