FOMC Meeting Minutes
The second afternoon event of the day will be the 2:00 PM ET release of the minutes from last month's FOMC meeting. Traders will be looking for any indication of the Fed's next move regarding monetary policy, specifically their discussion about when they still start to lower key short-term interest rates. Recent speeches and economic data have all but eliminated any possibility of the Fed making that move at their March FOMC meeting and lowered the chance of them taking action in May. If there is a strong reaction to the minutes this week, it will probably be a positive one that comes as a result of Fed discussion that hints at a May rate cut. While the truth is, economic data posted since the January meeting likely altered outlooks that were discussed last month, we still may see bond yields and mortgage pricing improve late Wednesday if the minutes seem more optimistic than pessimistic on the subject.