"If they don't have a more forceful tone that they're ready to raise rates in September, you could see bonds rally on that," he said.
Briggs said the odds in the futures market for a Fed rate hike could shift either way, based on the minutes. As of Tuesday, RBS calculated that futures were showing about a 45 percent chance of a September hike, while the odds of a December hike were near 100 percent. Since Fed timing is one of the most hotly debated market topics this summer, the market odds have shifted in each direction recently, depending on data, China concerns and Fed speakers. Briggs also said if the CPI is weaker than the 0.2 percent gain expected, that would be dovish.
"The reality is you're not going to get a lot of new incremental data from the minutes," said Bank of America Merrill Lynch equity strategist Daniel Suzuki. He said missing would be Fed reaction to the currency devaluation by China and the selloff in commodities that occurred after the July meeting.
There are just a few more big pieces of data the market is watching before the Fed meets on Sept. 16 and 17. The Fed has indicated it is data dependent so the data that most applies to its dual mandates of employment and inflation count the most. So first and foremost, markets are awaiting the employment report on Sept. 4, then PPI on Sept. 11 and CPI on Sept. 16.
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