The last time the Fed released minutes from an FOMC meeting, the stock market had its biggest rally of the year.
That was because the market heard that day in early October a more dovish tone than it had expected after the September meeting. Now, the October meeting minutes are expected Wednesday at 2 p.m. EST.
"The statement three weeks ago was a little more hawkish. It wasn't very hawkish. It was just a little more hawkish than people are used to," said Peter Boocvkar, chief market analyst with the Lindsey Group.
Fed watchers have said they are looking for elaboration on several points including on the Fed's two mandates of employment and inflation. The Fed tweaked language in its post-meeting statement on the employment situation, saying labor underutilization was improving. It also said that falling energy prices are holding down inflation in the near term, and the committee views the chances of inflation staying persistently below 2 percent as diminished.