A quick look at what's expected from the FOMC minutes at 2 pm ET (1800 GMT):
The March 18 statement removed 'patient' but Yellen was dovish in the press conference and made it clear that removing the word didn't mean the Fed would be 'impatient'. The Fed dots also lowered the expected path of rates.
I think there is a risk of a more-hawkish takeaway from the Minutes because everyone is expecting something dovish.
Barclays: "We would look to be long USDs into the minutes as these are also likely to highlight the Fed's intentions to begin the normalization process in 2015."
Westpac: "This should be a reiteration of the dovish statement and press conference and as such cause some damage to USD. The absence of recently retired hawks Fisher and Plosser should add to the more dovish vibe... At the meeting, the Fed downgraded their fed fund projections substantially."
BNP Paribas: "Likely to be neutral, following a dovish surprise from the meeting's Summary of Economic Projections."
Wrightson- removal patience was intended to clear the way for hike at any point from June onward. That means that the Fed knew it was in the ome stretch" & could add details on trajectory or tech matters on tightening--prep for liftoff.
BofA: "Markets should be especially sensitive to discussions of how further US dollar strength might affect the FOMC's views around achieving both sides of its dual mandate."
Jefferies- "expect to see details of a spirited debate surrounding the removal of the word patient" and disclose viewpoints regarding optimal liftoff path.
DB- "likely reflect the dovish tone from Fed Chair Yellen's post-meeting press conference. Transitory weather-related weakness in Q1 output will be discounted by the Fed. There was likely further discussion of the impact of the rising dollar." New info might be on managing bal sheet assets in liftoff.
BAML- "Focus will be discussion surrounding the downward revisions" to Summary of Economic Projections.
Nomura- "should reveal why its interest rate, GDP & PCE forecasts were lowered."