Watch out any hawkish slant
The Fed wasn’t as dovish as hoped at the FOMC and that could spill over into the minutes. Some will argue that data has deteriorated since the decision but Powell didn’t exactly sound the alarm this week.
I’ll also be looking for any indicators about what it would take to cut again and how worried they are on the geopolitical front.
There will be some talk about repos and a standing facility but I’m not going to read too much into that. The Q4 talks has gotten out of hand.