Citigroup: The minutes of the Federal Reserve meeting may echo Powell's testimony, and the "wait-and-see" period may end in late summer.

Citigroup analysts said they expect the meeting minutes to suggest that "the rate path will depend on the data released in June, July, and August," which is consistent with Federal Reserve Chairman Powell's comments at a congressional hearing. Powell laid the groundwork for a rate cut at the Fed's September meeting, provided that the price increases caused by tariffs do not show signs of leading to sustained inflation, and the economy continues to create enough job opportunities to prevent the unemployment rate from rising too quickly. Citigroup analysts said, "The 'wait and see' period may end in late summer."