MINUTES REFLECT THE NON-VOTERS:

The minutes are more hawkish than the policy statement as the policy statement only refl ects the voting members of the FOMC. There are only 2 hawks compared to 10 doves on the voting committee compared to 2 doves and 5 hawks on the non-voting committee. That difference in the relative share of hawks on the voting committee (small) compared to the non-voting committee (large) explains the relative difference in the tone of the policy statement when compared to the minutes. This means that one can probably discount the chance of tapering in June until Bernanke, Yellen, or other dovish voting members make such statements.