On Wednesday, the U.S. Federal Reserve will release the minutes of its July meeting and they are expected to show a Fed that may be leaning toward raising the fed funds rate early in 2015. UBS U.S. Economist Kevin Cummins says the minutes will likely show a 'more hawkish tilt to the rhetoric' in the statement. In June, most FOMC members agreed the Fed should keep the fed funds rate low even after its bond buying program ends this fall. The only dissenting voice was Charles Plosser but Cummins says in the last few weeks comments from other Fed Presidents point to an increasing 'move toward the center and hawkish end.' Cummins says Fed watchers will likely not get any new clues on what the Fed means by 'policy normalization' until the beginning of the fourth quarter. TheStreet's Ruben Ramirez has details from New York.

More from Video

Jim Cramer's Investing Rule 12: Cash Is for Winners

Jim Cramer's Investing Rule 12: Cash Is for Winners

Video: Here's Where to Put Your Money Amid Trade War Fears

Video: Here's Where to Put Your Money Amid Trade War Fears

Ford's CEO Just Got a Badly Needed Vote of Confidence From His Boss

Ford's CEO Just Got a Badly Needed Vote of Confidence From His Boss

60 Seconds: What Are the Bank Stress Tests?

60 Seconds: What Are the Bank Stress Tests?

Chart Professor: 3 Things You Need to Know About Every Stock Chart

Chart Professor: 3 Things You Need to Know About Every Stock Chart