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Fed minutes preview: What to pay attention to

In this article:
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Yahoo Finance's Brian Cheung discusses what to expect from the Fed's May meeting minutes to be released on Wednesday afternoon.

Video Transcript

- And Brian, since everything is about the Fed, and you are Yahoo Finance's senior Fed correspondent.

BRIAN CHEUNG: Only one, I believe.

- Yes, well--

BRIAN CHEUNG: Point taken.

- [INAUDIBLE], he's the only auto correspondent. Anyway, we'll have to check on the titles there. But I got to ask you about the Fed minutes. Because we've seen the Fed minutes usually are not market movers, but they have been this year. Anything that we could get surprised spooked the markets, up, down?

BRIAN CHEUNG: Well, there's always the risk of that. And I think that the Fed minutes specifically for this meeting will be not as eventful as the minutes that we got from the March minutes, and that's because of the fact that the March minutes actually had some additional disclosures about how the Fed might go about doing its balance sheet roll off program. Not as much of a surprise expected in these main minutes, although you'll want to pay attention to whether or not there was codified in those minutes an actual agreement among the FOMC members for two 50 basis point hikes in the next two meetings, that would be in June and July.

Jay Powell had said in the press conference in May that there was a strong support around that type of movement. Now, again, you don't usually see the Fed say that, everyone agrees this is exactly what we're going to do in the next two meetings. But based off the commentary we've heard from the number of Fed officials, including on our programming, it seems like everyone's been kind of in line with that strategy. So we'll see if that's codified in the Fed minutes. Again, that'll drop at 2:00 PM, and we'll have the coverage right here on Yahoo Finance.

- Yes, we will. And one word that I expect not to be in there, or two words, 100 beeps. That would just freak out the algorithm.

BRIAN CHEUNG: But you might see expeditiously.

- Expeditiously?

BRIAN CHEUNG: Yeah, that's the new word.

- [? Good words. ?]

BRIAN CHEUNG: Yeah, exactly.

- All right, thank you for that. Yahoo Finance's Brian Cheung.