Concerns the FOMC may be more hawkish on a second rate hike were piqued on Wednesday when San Francisco Fed President John Williams and Atlanta Fed President Dennis Lockhart said the central bank could still raise two or three times this year, according to Reuters.
Plus, the Labor Department reported inflation accelerated to 0.4 percent in April, in its largest gain since February 2013, according to Reuters. This suggested increasing crude oil prices are feeding through to overall price levels, potentially providing grounds for the Fed to hike.
"Relaxed investors who thought there would be no rate hike in the near-future due to the fact the economic data doesn't warrant it, especially given the inflation numbers, had a rude wake-up call yesterday," Naeem Aslam, market analyst at Think Forex, said in a note on Wednesday.
In consequence, the FOMC minutes will be of heightened interest.
"It is thought the Fed minutes could be a lot more hawkish than many are expecting. If the Fed is going to take the leap of faith again and are serious about the rate hike due next month, then perhaps they will look at increasing the volume on this (raise)," Aslam said.