The Federal Reserve on Wednesday released minutes from its July 31 and August 1 Federal Open Market Committee gathering that showed the central bank held concerns over the threat of global trade tensions. Members appear to remain confident on the strength of the global economy, but minutes showed they were nervous about economic risks around "ongoing trade disagreements and proposed trade measures."
Traders are gearing up for a three-day gathering between leading central bankers at Jackson Hole, Wyoming, due to kick off on Thursday. Fed Chair Jerome Powell will address attendees in a speech on Friday.
The U.S. central bank again came under fire from Donald Trump earlier this week. The president said in an interview with Reuters that he would continue to criticize the institution if it persisted with interest rate hikes, adding the Fed should do "what's good for the country."
In geopolitical news, the U.S. and China hit each other with another round of tariffs on Thursday. U.S. duties of 25 percent targeting $16 billion worth of Chinese imports were mirrored with retaliatory measures from Beijing on U.S. goods.
The two world powers held talks on Wednesday that are set to continue into Thursday, but observers did not have high hopes after Trump said he did not "anticipate much" to be resolved, in an interview with Reuters.