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Analysts at Deutsche Bank point out that  this evening we’ll get the FOMC minutes from the meeting earlier this month and will be a key release for today’s session.

Key Quotes

“Usually there would be a reasonable amount of focus on the minutes however, given the trade developments since then it’s likely that they will be somewhat discounted as being stale.  That being said the inflation debate will still be relevant and as a reminder Powell noted that several “transitory” factors had been weighing on inflation of late.”

“Our US economists noted that subsequent Fedspeak since Powell’s press conference suggest that there is a solid contingent of officials that agree with this cut of the data, though some find persistently below target inflation as troublesome, regardless of the causes.  Therefore, it will be interesting to see how the debate plays out, especially in light of concerns around inflation expectations and the Fed’s policy framework review.”