July Minutes: Dovish or Less Hawkish?

Rates and equities moving off lows as markets continue to digest July FOMC minutes. Perhaps the the most dovish passage below suggests participants are more worried about Unemp and Inflation. Also helpful for market is reduced uncertainty over Tsy vs MBS pace:

• Several participants also remained concerned about the medium-term outlook for inflation and the possibility of the reemergence of significant downward pressure on inflation, especially in light of the recent decline in longer-term inflation compensation. In addition, several participants emphasized that there was considerable uncertainty about the likely resolution of the labor market shortages and supply bottlenecks and about the influence of pandemic-related developments on longer-run labor market and inflation dynamics. Those participants stressed that the Committee should be patient in assessing progress toward its goals and in announcing changes to its plans on asset purchases.