Many were also waiting on the Fed minutes later Wednesday to sift through clues on where interest rates are heading and wen the central bank will start unwinding its balance sheet.

“I’m interested to see what the Fed has to say about the inflation landscape,” David Rosenberg, chief economist and strategist at Gluskin Sheff + Associates Inc., told the WSJ.

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Inflation readings have slipped in recent months, remaining below the Fed’s 2% target rate, which has made markets skeptical about further monetary policy tightening.

Policymakers decided to keep rates unchanged in the July meeting and said they were planning to cut down the massive holdings of bonds “relatively soon.”

“If the minutes suggest a deviation, whether them being more hawkish or more dovish, that may cause the market to change direction,” Adam Sarhan, chief executive of Sarhan Capital, told Reuters.

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