The FOMC meeting is due to be released this week on Wednesday.

The meeting minutes cover the Fed’s meeting that was held earlier in May.

The central bank had kept interest rates unchanged at its previous meeting as widely expected.

However, the central bank had introduced new language to its forward policy which showed that officials were willing to wait for inflation to overshoot the 2% inflation target rate.

The central bank had introduced the term “symmetric” inflation which basically means that given the prolonged period of time which kept consumer prices below the Fed’s 2% inflation target rate, officials were willing to tolerate an increase in the inflation rate above the target rate.

This potentially soothes concerns for investors who initially expected to see a faster pace of rate hikes if inflation moved higher at a quicker pace.

Investors will also be looking for further clues from the Fed’s meeting minutes on the next rate hike and for the remainder of the year.

The central bank had in its previously held March meeting signaled three rate hikes this year.

However, the market expectations continue to grow that the Federal Reserve could hike rates additionally this year.