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Fed-watch: The great rate debate rages on

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The great rate debate rages on.

Wednesday's Fed minutes left the markets wanting, with enough nuance to keep Wall Street divided over whether the first rate hike comes in September or later. That means the scrutiny of each piece of data, and particularly job-related or inflation data, will be intense.

Thursday's economic releases include jobless claims at 8:30 a.m. ET, and existing home sales, leading indicators and the Philadelphia Fed survey at 10 a.m. The Philly Fed survey will be key, after the Empire State survey earlier in the week plunged to a 2009 low.

Read MoreFed 'approaching' hike conditions: Minutes

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