Citi summarizes its expectations for tomorrow's FOMC minutes from the May-3rd meeting.

The Federal Open Market Committee (FOMC) meeting minutes from May 3rd will reveal the committee's intention to rely on incoming data to decide on whether to "pause" or continue with further rate hikes, according to a report from Citi Research. Chair Powell's comments from the previous Friday align with this data-dependent approach.

Citi Research forecasts that the forthcoming data, particularly the core PCE inflation figures due on May 26, could prompt the Federal Reserve to revise growth and inflation forecasts upwards and to implement another 25 basis point rate hike in June.