After this month's Federal Open Market Committee minutes reached the public, the market took a hefty kick and mortgage rates surged higher.

As a result, the Federal Reserve intensified its efforts to curb a growth-threatening rise in long-term interest rates, Bloomberg reports.

"It is pretty obvious that the Fed was caught off guard by the market’s reaction given the lengths to which they have gone to reshape market expectations," Drew Matus, deputy U.S. chief economist at UBS Securities, said. "The range of both speakers and outlets suggests that these comments are, if not coordinated, then at least part of a collective -- likely futile -- effort to re-mold the market’s view of the June FOMC press conference."