The dot plots revealed that the Fed was seeing a more hawkish outlook for interest rates and it will be interesting to see what is it in the meeting minutes to reveal such sentiment. Especially when we are seeing inflation pressures cool off, not just in the US but also in Europe now. That said, we are still of course a long way from the desired 2% target – it is best to be reminded of that as well.
Besides that, it will be interesting to take a look at what policymakers are feeling about labour market conditions and the economy. And will there be any murmurs from certain quarters that they are worried about potentially overtightening policy? That will be one that risk trades will definitely be scrutinising later today.
The Fed minutes will be released later at 1900 GMT.