Bank of America Global Research previews the FOMC minutes from the April 29 meeting.

"We expect the FOMC minutes to reinforce the Fed's recent hawkish tone. A growing number of participants are uneasy with strong inflation data and the statement's perceived easing bias," BofA notes.

"While downside labor risks will be noted, the focus should be on persistent inflation and upside risks from Iran. In short, the minutes will likely show that incoming Chair Kevin Warsh inherits a Fed with little appetite to cut," BofA adds.