Ahead of the annual Fed meetings held in Jackson Hole, Wyoming this week is the release of the FOMC minutes from the last meeting. And as many expected, the chatter to raise rates sooner rather than later is gaining traction with the usual text noting that more data will be needed before any suchfed releases FOMC minutes moves will take place.

Well, of course more data will be needed as certain economic reports and numbers provide the Fed with a glimpse of the future and many economists pay very close attention to these minutes to try and discover some nuance to profit from. Regardless, the overall consensus is more hawkish than previous meetings.

The July meetings also culminated with the expected announcement of another $10 billion lopped from the current quantitative easing program, round III. The Fed now buys $25 billion of U.S. Treasuries and mortgage bonds and is still keeping Fed Funds rate at or near zero. According to an article on cnbc.com today, it is pointed out that the FOMC appears to have moved away from the former 2.00 percent inflation and 6.00 percent unemployment triggers, something that had economists paying close attention to each month’s unemployment report and CPI data. On Tuesday, the Labor Department said the CPI figure for July nudged upwards slightly by 0.1% from the previous year and 2.00 percent for the previous 12 months, right at the Fed’s target rate.

The minutes also indicated the members agreed that the labor market has improved but that seems to be a rather interesting statement. The labor participation rate is abysmal, many of the new jobs created are part time or underpaid and the 200,000 jobs each month is hardly enough to kick start an economy. A number above 300,000 over several months would indicate an economy that has its sea legs back but those numbers aren’t something very many are expecting, especially with rates on the rise.