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Don't look for data to move Fed from its roost anytime soon

What did we learn from the Fed minutes?
Roth: Fed moved goal post so many times
Some fed officials uncertain on inflation outlook

Economic data is back in focus after the Fed came out cooing like doves when markets expected a full-throated hawkish tone in the minutes of its last meeting.

The July minutes Wednesday afternoon showed a divided Fed, worried about inflation and split over the strength of the economy. That now makes December its best and probably only chance for a rate hike this year, strategists said.

It also points markets back to the economic data, and on Thursday there are weekly jobless claims at 8:30 a.m. EDT and the Philadelphia Fed survey on mid-Atlantic business activity. Leading indicators are reported at 10 a.m. Jobless claims have been a particularly strong series for the economy, which has also seen a pickup in hiring since an unusually soft employment report in May. But other data is less consistent recently, including consumption after unexpectedly flat July retail sales.