FOMC Minutes are published as a detailed report of the Federal Open Market Committee meeting. The meetings are held 8 times a year and focus on the country's economic and financial conditions, monetary policy and Fed interest rates.
The minutes unveil the position of the Fed and of some of the Committee members on the current conditions and necessary measures of the monetary policy. Also the minutes contain information on the interest rate decision voting: the distribution of for and against votes.
The minutes are published three weeks after the meeting. Analysts monitor the release of this report, as it details not only the Fed's general position, but also the opinions of individual voting members of the Committee, which may differ from the general point of view. Therefore, knowing who of the Committee voted against the decision, analysts will closely monitor further rhetoric in public speeches, trying to predict further developments in the Fed's activities.
Release of FOMC minutes can cause a small volatility of dollar quotes, especially if they reflect an increased number of "against" votes or describe negative economic trends.