10 banks on how what to watch for in the FOMC Minutes

Previews for the FOMC Minutes
The following are brief expectations for the FOMC minutes from the May-3rd meeting as compiled from the related research reports of 10 major banks. Overall, they’re looking for clues on 1- inflation outlook, 2- tightening path, and 3- balance sheet reduction.
 We look for the minutes to reinforce a hawkish message on slack and growth.  The minutes could also reveal additional plans on the intended balance sheet reduction.  That said, the minutes tend to be a staid affair with much of the news backward looking.  The key for today’s reaction is whether the minutes offer any signals on the path of future tightening or the sequence around balance sheet reduction.  We don’t expect the minutes to offer much of these front.