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

"Chair Powell's press conference and Fed-speak since then suggest that the heightened uncertainty because of the Middle East conflict means cuts are likely delayed. With increased uncertainty, the minutes will likely address a range of more hawkish and more dovish scenarios. These minutes probably will include discussion of the conditions that would cause the Fed to raise rates," MS notes.

"We are also curious about how broad the consensus is among Fed officials that the FOMC should look through oil price increases. The press conference was dominated by questions on inflation; we expect a bit more focus on the growth effects of oil price changes in the Minutes," MS adds.