We discussed 2 catalysts for bringing [S&P 500 down to 3800 points here](https://www.reddit.com/r/wallstreetbets/comments/oc3ofd/strategists_11_sp_500_correction_coming_in_2nd/).
Here is the 3rd catalyst that may or may not spook the markets, will see. Next week, the Fed releases the minutes from its last meeting where it revealed it was starting to talk about cutting back on its bond buying. If there are more details, it could move markets.
The Fed’s minutes from its last meeting will be released **Wednesday afternoon,** and there is potential for the market to learn more about the central bank’s behind-the-scenes discussions on winding down its quantitative easing program.
“Our base case is that rates drift higher, but in order to that get that move higher [you need a catalyst to get there](https://www.cnbc.com/2021/07/02/fed-could-be-a-surprise-catalyst-for-markets-in-holiday-week-.html),” said Brian Daingerfield, head of G10 FX strategy Americas at NatWest Markets. “Either the Fed has to move forward aggressively on tapering, or you have to get the data really rocking, and you don’t have either.”
## Week ahead calendar
Independence Day holiday observed
9:45 a.m. Services PMI
10:00 a.m. ISM Services
10:00 a.m. JOLTS
=====> 2:00 p.m. FOMC minutes <=====
3:30 p.m. Atlanta Fed President Raphael Bostic at National Association of Black Journalists event
8:30 a.m. Jobless claims
3:00 p.m. Consumer credit
10:00 a.m. Wholesale trade