Watch CNBC's Fed roundtable discuss the latest FOMC minutes

Summary

CNBC's roundtable debates the latest FOMC minutes, with David Zervos arguing the dot plot is politically motivated and the Fed's relevance is fading as technology and deregulation drive markets. Steve Liesman counters that genuine inflation concerns exist and are reflected in elevated Treasury yields, while Rick Santelli agrees the market is ignoring the Fed.

• David Zervos calls the dot plot disingenuous and politically driven, not reflecting real inflation worries.
• He argues technology and deregulation drivers are so powerful that a 100bp shift in rate expectations did not derail the economy or markets.
• Rick Santelli agrees, saying the market no longer needs the Fed to guide it and equity markets are performing well.
• Steve Liesman contends services inflation remains elevated and survey-based inflation expectations are concerning, justifying the Fed's hawkish shift.
• Zervos points out oil prices have barely moved since March, undermining the inflation story behind the dot plot.
• Liesman notes the market has priced in a higher funds rate (4.20%) and that two-year yields reflect this risk, challenging the idea that markets are looking through the Fed.
• The panel discusses how the minutes could become more important if the chairman offers less forward guidance.