Fed minutes in focus

The minutes from the Federal Reserve’s July meeting will be the focus at 2:00 PM ET (18:00 GMT) on Wednesday, a warm-up act for the Fed’s big central banking conference in Jackson Hole that starts Friday.

The Fed cut rates for the first time in a decade in July in what Fed Chairman Jerome Powell referred to as a “mid-cycle adjustment”, disappointing the hopes of President Donald Trump for more aggressive action. Markets see an additional 25 basis point cut in September as certain.

San Francisco Fed President Mary Daly said Tuesday after the market close that she voted for the July rate cut to counter economic headwinds, but said she saw no signs of an imminent recession.

Existing home sales for July are also on the economic agenda, set for release at 10:00 AM ET (14:00 GMT).