Wednesday’s Federal Reserve minutes are expected to show how policymakers weighed stubborn inflation after holding rates steady in October, following September’s first hike in three years.
Inflation still above 3%—well over the Fed’s 2% target—has strengthened expectations for another rate increase in December and potentially more tightening in 2027.
Retail sales data due this week are forecast to show a 0.2% gain in October, slowing from 0.8% in September as higher gasoline costs eat into other household spending.
The pressure on consumers has been amplified by the U.S. war with Iran, which disrupted Strait of Hormuz shipping, cut oil supplies and pushed up fuel and transport-linked prices ahead of the holiday season.