Stocks could benefit Wednesday from investors adding new positions for the new year, as markets await the Fed's minutes for any clues on what the central bank is looking for from Donald Trump this year.
The minutes from the Fed's December meeting will be released at 2 p.m. ET. At that meeting, the Fed raised rates for the second time in 10 years and provided an outlook for three rate hikes this year. Not much is expected, but some are holding out hope that the Fed will have something to say about its view of the incoming Trump administration's plans for stimulus and tax cuts.
"Janet Yellen said some members built fiscal stimulus into their forecasts. She didn't say how many there were and what it means," said Tom Simons, money market economist at Jefferies. The Fed, and other central banks, have been looking for help from lawmakers to spark the economy with stimulus, rather than just monetary policy.