Hawkish Fed messaging and inflation concerns are creating uncertainty about future rate hikes, causing traders to await FOMC minutes before making directional bets.

"Minutes from the Fed's July meeting, released the same day, ran counter to the idea that financial conditions are easing. Several participants said they favored a 25-basis-point hike at that meeting, and many thought additional tightening would probably be necessary if inflation failed to come down."

"that FOMC meeting had a hawkish tone despite the Federal Reserve leaving interest rates unchanged at between 3.50% and 3.75%. The Fed Chair, Kevin Warsh, opined that inflation remains a concern. The minutes could affect the odds of the Fed hiking interest rates in September."