The market had been solidly lower ahead of the minutes, with growth shares coming under pressure and weak results from Target TGT.N weighing on retailers. "They stayed hawkish, but they also opened the door perhaps for a half of a percentage point hike in September as opposed to 75," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "Although inflationary pressures have eased ,there remain pockets of seemingly entrenched inflation, particularly with food prices, rent and labor wages," Quincy Krosby, chief global strategist for LPL Financial said in a note following the minutes.