This week’s economic data docket will provide important information on manufacturing, housing and inflation. The Fed will also release the minutes of the April 26-27 meeting. The April FOMC minutes, released on Wednesday afternoon, are likely to strike a more balanced tone than the dovish meeting statement. This is because various FOMC participants have made comments over the past several weeks emphasizing policy flexibility and the Fed’s expectation that output growth will rebound after a soft Q1. While we expect the Fed to raise rates again in December, the risk is that rate hikes will be delayed until next year.