Two things to watch for in the FOMC Minutes

BNP Paribas highlights two spots to watch in the Fed Minutes:

The minutes of the 29 July US Federal Open Market Committee (FOMC) meeting are likely to reveal mixed views on the exact timing of interest-rate 'lift-off' (September vs December), with the sticking point being "reasonable confidence" in inflation, says BNP Paribas.

"The key message will probably be that 'lift-off' is approaching and that we moved a step closer in July. A majority of FOMC participants probably still expected 'lift-off' to be appropriate sometime this year. As markets are already pricing this in, the minutes should present few surprises," BNPP adds.

"Two things to look for: (1) what "some" further labor-market improvement means and (2) why there was no progress report on being "reasonably confident" in the inflation outlook," BNPP argues.

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