eFXdata reports that Barclays Research discusses its expectations for FOMC minutes from the January meeting.

"We expect the minutes from the January FOMC meeting to show that most members felt that policy was set appropriately in light of the outlook for progress toward the dual mandate. We expect the discussion to be tilted in the direction of assessing conditions in short-term funding markets and to what degree softness in the effective federal funds rate was driven by Fed liquidity provision through repo operations and Treasury bill purchases. The minutes should also contain further discussion on the review of the policy framework, though we expect few concrete details to emerge, and tentative discussion on the effects of the Covid-19 virus on the US and global outlook," Barclays notes.

"We expect committee members to be in a 'wait and see" mode about whether adjustments to the policy stance are needed, similar to the tone Chair Powell took in front of Congress during scheduled testimony," Barclays adds.