Federal Open Market Committee (FOMC) Minutes
Today has no relevant economic data scheduled for release but does have the minutes from last month’s FOMC meeting. Traders will be looking for any indication of the Fed's next move regarding monetary policy. The minutes will show what economic concerns members have that influenced their vote for a quarter point rate cut at the last meeting. They will be released at 2:00 PM ET, therefore, any reaction will come during mid-afternoon trading. These minutes may lead to afternoon volatility, or they may be a non-factor. Because they do carry the potential to influence mortgage rates, they should be watched.