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Hawkish Fed minutes could lift market further

An eagle sculpture stands on the facade of the Marriner S. Eccles Federal Reserve building in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images

At its last meeting in July, Federal Reserve officials agreed that the economy was on more solid footing and risks to the outlook had abated. In short, they left the door open for an interest rate hike this year.

So when the minutes from that meeting are released Wednesday, there's a good chance they'll be hawkish.

We used Kensho to look for the best trades one week after Fed minutes are released that indicate the central bank is getting ready to raise rates. Since 2013, there have been 11 such occasions.