Analysts at TD Securities preview the minutes of the Federal Reserve's September policy meeting.

Minutes might be adjusted to sound less hawkish

"The Fed's September FOMC decision broadly matched expectations by keeping rates on hold at 5.25%-5.50%. However, the SEP projections and policy guidance were more hawkish than anticipated."

"We look for the minutes to shed light on the discussions that led the FOMC to send a message of “higher for even longer”. In light of the recent move higher in rates, the minutes might seem stale. Though the minutes might be adjusted to sound less hawkish amid this new reality."