The January statement had only modest changes so reading the tealeaves of the FOMC Minutes 'should' provide little additional color with the main focus on the meaning of 'patient', fears over 'international developments', the 'right' gauge of inflation, and pace of rate lift-off... *MANY FED OFFICIALS INCLINED TO STAY AT ZERO LONGER: MINUTES *MANY OFFICIALS FELT DROPPING `PATIENT' MAY LEAD TO DATE FOCUS *MANY FED OFFICIALS SAW RISKS IF FOREIGN WEAKNESS WORSENED *FED OFFICIALS AGREED POLICY SHOULD STAY DATA DEPENDENT It appears The Fed is 'worried' again... lower for longerer... Pre-FOMC Minutes: S&P Futs 2091.25, 10Y 2.122%, Gold $1201.50, WTI $52.05 It's been a good 3 weeks for stocks and oil since The FOMC Meeting...(and not for Bonds and PMs) Additional headlines: