Earnings Ahead, Records in Sight

These views "indicate the Fed will be on hold quite a while, with a risk that they would ease if growth goes wobbly," writes T.J. Marta, fixed-income strategist at RBC Capital Markets.

The market will be watching the FOMC minutes Wednesday for clues to the Fed's future moves and for insight into the somewhat cryptic message from the March meeting. How can the Fed be both vigilant about inflation, while also willing to sacrifice higher inflation to protect the economy? Surely the minutes will reveal more about the central bank's bias and surely the markets will react.