Here Come The FOMC Minutes...

The minutes from the Federal Reserve's latest FOMC meeting are set for release at 2:00 pm ET.

This is expected to be the market moving event on Wednesday.

The minutes will document the Fed's debate at its last monetary policy meeting, held on October 28-29, which culminated in the Fed's announcement that it would end its quantitative easing program.

In a note to clients ahead of the report, Lew Alexander at Nomura said the "overall tone" of the discussions recorded in the minutes are likely to be hawkish, a clear shift in sentiment for the FOMC.

Alexander added, "The discussion is likely to reflect subtle shifts in the consensus on a range of issues, and these shifts are likely to be consistent with the Committee moving closer to raising interest rates at some point next year."

In its last policy statement, the Fed kept the phrase "considerable time" in its statement to describe how long it expects to elapse between the end of its QE program and its first interest rate hike.

Currently, the market expects that we are 10 months from the first rate hike.

The Fed did, however, change its characterization of the labor market, saying that labor market conditions improved while job gains were "solid," with a range of labor market indicators suggesting that underutilization of labor resources is gradually diminishing.

We'll be back with the full statement and market reaction when the minutes hit.