Barclays Research discusses its expectations for today's FOMC minutes from the November meeting.
"We look for the minutes to place a heavy emphasis on why the economy had achieved substantial further progress and, as a result, justified the decision to announce tapering. We also expect the minutes to heavily feature discussion about uncertainties with respect to developments in the labour market and the outlook for inflation. While we expect many on the committee to say the inflation spike is likely transitory, the committee as a whole seems comfortable moving away from emergency policy settings based on risk management concerns about inflation.
"Lastly, we expect the minutes to emphasize that the decision to taper is independent of any decision to lift off from the zero lower-bound," Barclays adds.