(Reuters) – U.S. stocks index futures were largely subdued Wednesday morning ahead of minutes from Federal Reserve’s mai meeting. This will probably give clues as to the direction of future rate rises.

Minutes are due by 1400 ET (1800 GMT) Jerome Powell, the Chair of U.S. Federal Reserve has pledged to continue pushing for rate increases until clear evidence is presented that inflation is falling.

The money markets have priced in 50 basis points increases in June and July, at a moment when fears are growing about the U.S. economy’s slowing momentum. Tuesday’s data showed that new home sales fell and that business activity was declining.

Raffi Boyadjian is the lead investment analyst for brokerage XM. He stated, “Today FOMC (Federal Open Market Committee), members’ views on when they anticipate inflation will come down as well as any possible revelations on balance sheets reduction will be scrutinized investors.”

“Tuesday’s” less-than-robust numbers raised suspicions that the Fed might not need to raise rates as aggressively than previously believed.

Both the Nasdaq and The Dow ended down in their previous session due to fears that the U.S. might be unable to rein in decades of high inflation. A profit warning was issued from Snap Inc (NYSE:) Also roiled markets

At 08:30, data on durable goods for April are due ET.

6.40 AM. ET fell 31 points or 0.1%. They were also down 0.5 points or 0.01%. However, they were up 16.5 point or 0.14%.

Nordstrom Inc The stock exchange traded up 9.1% after the retailer, an upscale retail company, raised its revenue and profit estimates for the year. This was in anticipation of strong demand from well-off consumers helping it to alleviate price pressures.

Wendy’s (NASDAQ:) Co gained 11.8% after a regulatory filing showed the burger chain’s largest shareholder Nelson Peltz was considering a potential takeover bid for the company.

CBOE’s volatility index (also known as Wall Street fear gauge) rose again for the second day. It was at 29.71 point.