FOMC minutes preview:
FOMC minutes preview: the minutes to the January 30, 31 meeting, the last chaired by Yellen, will provide an update on policymakers' views on inflation and growth, especially following tax reform. But analysts're not likely to learn much new given the variety of opinions already seen in prior minutes and via Fedspeak. Fed officials have been consistently indicating that further tightening will be appropriate this year. But, there will be room for Fedwatchers and the markets to cherry pick comments to support their positions on the tightening path and whether there's likely to be 2, 3, or 4 rate hikes this year. Of note, the markets zeroed in on the Fed's inclusion of the word "further" in the January statement, which Dudley later clarified was meant to show the Fed had more confidence in the economy. Look for a lot of talk regarding the economic implications from tax reform, where analysts suspect the Committee will take a cautiously optimistic view on growth, with some concern that a boost to output could push inflation pressures higher. Also of significance this week is the FOMC's release of the Monetary Policy Report (Friday, 11 ET), which will be the basis for Fed Chairman Powell's Congressional testimony on February 28.