Minutes from the Federal Reserve’s most recent confab back in September hit at 2 p.m. Eastern Time Wednesday, and so far in 2016 stocks have had a tendency for a knee-jerk move higher the same day as the release.

But the day after, it is a different story. U.S. equities have had a tendency to deflate once market participants digest the inner thoughts of the Federal Open Market Committee. For each release this year, the S&P 500 index SPX, +1.05% has traded lower the day following the minutes on all but one occasion, according to Bespoke Investment Group (as the following table shows).

Fed minutes have resulted in a climb for stocks the day of the release but the day after markets tend to dip. Source: Bespoke Investment Group

Of course, the sample size of Fed minute releases and the market’s reaction isn’t large, but it provides a flavor of the shift in sentiment following disclosures of the policy-setting committee’s deliberations this year.

What might be revealed is that there has been a growing sense that the Fed is getting closer to resuming its plan to normalize monetary policy since hiking once back in December.

Expectations of another increase in interest rates has borne out in recent moves in the dollar, which has gained about 3% so far in October, as gauged by the ICE U.S. Dollar Index DXY, +0.13% and the 10-year Treasury note TMUBMUSD10Y, 0.667% , which has climbed to its highest yield in months. Bond prices move inversely to yields and investors tend to dump existing government paper with expectations that higher rates will mean richer yields in new issuances.

On Wednesday, the Fed minutes from the Sept. 20-21 gathering indicated that officials wanted to raise rates “relatively soon” but would “wait for further evidence” of continued improvement in the economy before doing so.

Another point worth noting about Bespoke’s Fed minutes table is the changing severity of the day-after response. What began as a sharp drop lower this year has gradually moderated, with the most recent Fed minutes resulting in a positive move on the day following the minutes.

The S&P 500 and the Dow Jones Industrial Average DJIA, +0.51% ended marginally higher following Wednesday’s release of Fed minutes and were trading firmly lower on Thursday as worries about China ignited a rush of selling.

The Fed next meets Nov. 1-2 around the same time as the U.S. presidential election and then for the last time in 2016 Dec. 13-14, when markets are pricing in 70% chance for a rate increase.