Morgan Stanley Research previews the FOMC minutes from the July meeting due on Wednesday.

"The Fed minutes should provide additional insight into how divided the Committee was at the July meeting. We will also be looking for clues on just how data dependent the Committee is and particularly how much weight participants placed on the softer June inflation and employment reports when deciding to keep rates unchanged," MS notes.

"In addition, we will be watching for any shift in the Committee's assessment of inflation risks, and any commentary around Chairman Warsh considering reducing the number of FOMC meetings per year, as was reported by news outlets after the meeting. Finally, the minutes may shed light on the Fed's reaction function," MS adds.