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FXstreet.com (Barcelona) - Brown Brothers Harriman analysts feel that many market participants highlighted the wrong part of yesterday's FOMC minutes.

They feel that the key take away is not that there is some disagreement among the members about the duration of QE. Instead, the key point is that the Fed is committed to expanding its balance sheet by buying more than $1 trillion of MBS and Treasuries in 2013 ($85 bln a month).

They note that from the Fed's perspective, the stock of its holdings of long-term assets is the key to its effectiveness, not the flow of purchases. Moreover, its macroeconomic guidance indicates that it will not raise interest rates until after unemployment falls below 6.5%, provided core PCE stays below 2.5%. Plugging these macro-economic conditions into a Taylor-like model they see that it underscores the dovishness of the Federal Reserve. On top of that, the composition of the FOMC, with new regional presidents rotating, tilts a bit more in the dovish direction.

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