"It's [the data] going from a mixed bag to not such a mixed bag," said Steve Massocca of Wedbush Securities. "Looking at these numbers broadly, I don't see that huge a difference in economic activity than a few months ago. For some reason, everyone's got a bee in their bonnet about it today."
Massocca said stock traders got more concerned Tuesday when the two-year yield was moving higher. "It kind of came out of nowhere. Normally water would be rolling off everybody's back. The move that was going on in the two-year really accelerated. Then people started to think about it," he said of the Fed talk. "In terms of the two-year, we're going back to where we were two weeks ago."
Zandi said the key to the Fed's thinking could be in how they describe the financial market conditions that were tumultuous early in the year.
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"You've got other voices that are more on the fringe, and they don't get the same play, so maybe they come out a bit in the minutes. That's a possibility. Maybe it shows there was more debate around the impact of the financial market turmoil at the start of the year, and maybe it will come through that they didn't see any fallout," he said. "If that were the case, it would be hawkish. It would suggest they're gearing up for the next rate hike."
In its post-meeting statement in April, the Fed did drop its concerns about international risks and said instead it was monitoring global developments
There are no economic reports Wednesday, but there are some earnings. Target, Lowe's, SABMiller, Tencent, Hormel Foods, Staples, Booz Allen Hamilton and Burberry report ahead of the opening bell. Cisco, Take-Two Interactive, L Brands, Salesforce.com, Urban Outfitters and Flowers Foods report after the close.