Inside the Fed’s March Meeting: The Annotated Minutes

Is there consensus on balance sheet normalization?

Monetary policymakers teed up a rate hike ahead of their March meeting with a chorus of hawkish Fedspeak. And they didn't disappoint.

The interest rate increase to a range of 75 to 100 basis points was the central bank's second in four months. The moves followed a year-long break from tightening after liftoff in December 2015 amid a shaky global economic environment and bouts of market volatility.

With the release of the minutes from the March meeting Wednesday afternoon, we'll learn more about where officials stand on two wide-open debates: the pace of tightening this year and how the central bank plans to manage billions of dollars in assets it purchased in an attempt to reflate the economy after the financial crisis. Since the meeting, some Fed officials have suggested that more than three rate hikes may be warranted this year, while others, including New York Fed President Bill Dudley, have steered the discussion towards a potential reduction in the central bank's bond holdings in 2017.

This also marks the last time we will see former Richmond Fed President Jeffrey Lacker's name in the minutes. He resigned on Tuesday after disclosing his role in the disclosure of non-public information to Medley Global Advisors back in 2012.

Follow along below as we annotate the minutes.