Mid-year rates lift off delayed? That was the question many were left pondering following the release of the January FOMC minutes earlier this morning with the committee, on balance, striking a more dovish tone that what had been envisaged by the markets. The key line from the statement is found below: 'Many participants indicated that their assessment of the balance of risks associated with the timing of the beginning of policy normalisation had inclined them toward keeping the federal funds rate at its effective lower bound for a longer time' (VIEW LINK)