In the minutes released Wednesday, it was recorded that "Most participants judged that if incoming data were consistent with economic growth picking up in the second quarter, labor market conditions continuing to strengthen, and
While Fed officials frequently highlight their data dependency, the minutes surprised market participants who had thought a June hike was out of the question, and the release consequently led to a dip in stocks and a rise in yields on Wednesday afternoon.
Yet Faber, the editor of the Gloom, Boom & Doom Report, questions the Fed's stated reliance on economic data. In fact, to him, gauging the market's reaction to the potential for a June hike was part of the point of the release.
The Fed "said a rate hike is on the table so they can watch the market reaction," Faber said Wednesday on CNBC's "Trading Nation."