Aug 16, 18:00 GMT, FOMC Minutes: Later today, the FOMC Meeting Minutes will be released and the markets will be looking for any fresh insights on inflation as recent weak inflation data has raised serious doubts about whether the Fed can raise interest rates again during 2017.
These crucial minutes come just one day after July's strong retail sales that suggest that the consumer is not weak and that inflation may start to rise. The retails statistics showed an increase of 0.6 percent in July which are the largest gains in months.
The minutes are expected to paint an optimistic picture and relatively hawkish outlook from the Fed, however the markets do not expect the Fed to be definitive on the inflation question. Moreover, several Fed officials have stated that the central bank can afford to be patient and this has been seen as a message that a third hike maybe delayed for next year.
As this is a highly important event, and considering recent political turmoil in the US, some strong market movements and trading opportunities are expected, however the direction will be defined by the Fed sentiment.
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