A Number of Officials Saw Need to Hike Above Long-Run Level
"A few participants expected that policy would need to become modestly restrictive for a time and a number judged that it would be necessary to temporarily raise the federal funds rate above their assessments of its longer-run level."
The Fed is worried about asset bubbles…
"Some participants commented about the continued growth in leveraged loans, the loosening of terms and standards on these loans, or the growth of this activity in the nonbank sector as reasons to remain mindful of vulnerabilities and possible risks to financial stability."
In other words, the Fed is "gonna hike until something breaks" and it will likely break in a credit related area like junk bonds, covenant-light, and leveraged loans.
Important note: It won't be one, or another, but all of them at once when "something breaks."