Analysts at TD Securities are expecting the minutes of the Fed meeting in July to attempt to clarify the path forward after Chair Jerome Powell remained non-committal on guidance for future rate movements at his July press conference.

• “Powell painted the Fed's action as a "mid-cycle adjustment" and not necessarily one cut or the "beginning of a long series of cuts." The minutes should support our view that soft global growth, trade uncertainty, and persistent below-target inflation should keep the Fed on a dovish footing.”