The latest FOMC minutes suggest that the reserve thinks that the Q1 slowing of the economy was temporary, relating to ports and weather but there are still strong headwinds to face in the form of Greece, China and the appreciation of the US$. The minutes did not reveal much that was new but a June hike looks unlikely with many members doubting that the data was robust enough to risk a rate rise. “Many participants, however, thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising had been satisfied.” the minutes said. The minutes also repeated worries about bond market volatility and the possibility of long-term rates going into spasm when the Fed does lift rates, echoing concerns that Janet Yellen had already made.