A few bullet points from the just-released Fed Minutes (from the meeting that occurred 3 weeks ago):

• ALMOST ALL FED POLICYMAKERS SAID RATE HIKES LIKELY WARRANTED 'FAIRLY SOON' IF U.S. JOB AND INFLATION DATA WERE IN LINE WITH OR STRONGER THAN FED'S CURRENT EXPECTATIONS - MINUTES OF FED'S NOV 7-8 POLICY MEETING
• MANY FED POLICYMAKERS SAID IT MIGHT BE APPROPRIATE AT SOME UPCOMING MEETINGS TO BEGIN PUTTING GREATER EMPHASIS ON EVALUATING INCOMING DATA WHEN ASSESSING THE POLICY OUTLOOK -MINUTES
• FED POLICYMAKERS SAID STATEMENT IN COMING MEETINGS MIGHT NEED CHANGES, PARTICULARLY IN LANGUAGE REGARDING NEED FOR 'FURTHER GRADUAL INCREASES' IN RATES -MINUTES
• A COUPLE OF FED POLICYMAKERS SAID CURRENT POLICY MAY BE NEAR ITS NEUTRAL LEVEL AND FURTHER HIKES COULD UNDULY SLOW THE ECONOMY -MINUTES

We've heard enough Fed speeches in the last 3 weeks that none of this comes as much of a surprise.  Nonetheless, it's good for bonds to have it on the official record.  

Despite the dovishness, bonds haven't been inspired.  It looked like they might rally at first, but have now returned to previous levels.