The central bank is raising its key interest rate by three-quarters of a percentage point.
For those who understand Fed lingo, the minutes can hint at divisions or disagreements, and where Fed policy may be headed.
Former Federal Reserve chairman Ben Bernanke's new book charts a history of “remarkable innovation and change.”
Fed Chair Jerome Powell: "Whether we can execute a soft landing or not, it may actually depend on factors that we don't control."
"I think the one thing we really cannot do is to fail to restore price stability," Powell told Kai Ryssdal.
The strategy is aimed at tightening credit and easing inflation. Purdue's Cathy Zhang worries about the effects on financial markets.
"A look at the record shows that the Fed often stumbles in its efforts to save the day," says Ben White, chief economic correspondent at Politico.
With more likely to follow, the rate hikes will eventually mean higher loan rates for many consumers and businesses.
Bank investors expect continued strength in 2022 because yields on loans could rise along with Federal Reserve rate hikes.
It opens the door to interest rate hikes.
Brainard will be nominated for vice chair. The two officials typically agree on monetary policy but sometimes diverge on regulation.