Fed remains cautious as ever, as they plan for future rate hikes

The minutes of the Federal Open Market Committee June 16-17th meeting were released Wednesday, in theory, giving some insight into the Fed's thinking behind when they would begin normalizing policy.

The Fed continued to say the market is on its way to meeting certain criteria for hiking rates but that "they would need additional information indicating that economic growth was strengthening".

However, "policy makers remain cautious when it comes to increasing rates," noted Voya Global Perspectives.

Raising rates too late could cause the Fed to move too fast because of heightened inflation. Giving a somewhat dovish tone, Federal Reserve officials did little to lighten the mood after a day filled with a malfunctioning U.S. stock exchange, worries over Greece, and a massive selloff in China.

n summary, nothing really changed and the analysts are split on whether or not a September rate hike is in the cards.  On tap starting this week: earnings season for Q2 which will help guide the markets. In addition, keep an eye out for strengthening economic indicators that will aid the Fed in their decision of when to begin hiking rates, added Voya Global Perspectives.