The April statement saw the Fed keep interest rates pegged near zero, as expected, while emphasizing that though the economy had slowed during the first quarter of the year, it was largely due to "transitory factors."
On the morning of the Fed's latest policy statement, the first estimate of first quarter GDP showed the economy grew just 0.2% to start the year, well below expectations.
The Minutes are likely to provide us with a more comprehensive look into how the FOMC sees the economic situation and this early year performance. This discussion, however, won't include any commentary on the April jobs report, which was released a week and a half after the Fed's latest decision.
In a note to clients ahead of the report, Deutsche Bank economist Joe LaVorgna wrote that Minutes are likely to highlight the weakness in the first quarter and underscore the temporary factors behind this, including the weather, the West Coast port slowdown, and the decline in energy-related capital spending.
LaVorgna said the Fed may also address the possible flaws in how seasonal impacts are adjusted for, a topic that has garnered discussion in the economics community of late.
We'll be back with the full minutes and complete market reaction after they drop.