Watch CNBC's Fed roundtable discuss the latest FOMC minutes

• Fed minutes indicate a notable increase in members expecting rate hikes by year-end, with some moving from zero to three hikes.
• One analyst attributes the Fed's hawkish shift to internal political dynamics rather than economic fundamentals, suggesting the Fed is becoming less relevant.
• Another analyst counters that broad-based inflation, beyond just energy and housing, and the Fed's past misjudgment of 'transitory' inflation are driving the hawkish stance.
• Market data shows rising Treasury yields and fluctuating commodity prices, while equity markets are generally down, reflecting underlying economic pressures and rate hike expectations.

The discussion centers on the latest FOMC minutes, revealing a significant shift towards hawkishness among Fed members, with many now anticipating rate hikes by year-end. Analysts debate whether this shift is economically justified or politically driven, and its implications for inflation and market expectations. Treasury yields are shown to be elevated, reflecting these concerns.