The Fed Minutes Are Today. Here’s What to Watch.

Federal Reserve officials have been laying the groundwork in recent weeks for the possibility that the central bank will ease off its aggressive monetary-policy tightening path and raise interest rates more slowly in the future.

Minutes from the Fed’s Nov. 1-2 meeting, to be released this afternoon, will shed new light on just how serious that proposition is and whether all—or at least most—members of the policy-making committee are in agreement about a possible downshift. After four straight interest-rate hikes of 75 basis points each this year, markets are widely anticipating a 50-basis-point increase next month. (A basis point is one hundredth of a percentage point.)