The Federal Reserve could be moving toward another interest-rate cut this year—that's the view held among most investors—but the central bank could also be finished easing for now. Wednesday’s minutes will offer the first detailed look at how most Fed policymakers viewed the path ahead during their October meeting. Meanwhile, Richmond Fed President Thomas Barkin said in a Tuesday speech that both sides of the central bank's dual mandate are under pressure, a challenge for the Fed amid a spare data patchwork following the recent federal shutdown. On the political front, President Trump said he may have decided who he wants to select to be the Fed's next chair, but didn't disclose who he would choose. Elsewhere, Indonesia’s central bank held interest rates at its November policy meeting, standing pat for a second straight time as it seeks to stabilize the rupiah. And fears that authorities in Japan could unveil a large economic stimulus package have sent Japanese government bond yields to multi-year highs.

Richmond Fed President Thomas Barkin said that until he sees more data on how inflation and unemployment have evolved in recent months, he isn’t willing to specify what he thinks the Fed should do at its next policy meeting, scheduled for early December.

“You may notice nothing I just said gives any guidance for our next meeting,” Barkin said in a speech at an economics conference in Winchester, Va., according to a published text of his remarks. “That’s intentional, as I think we have a lot to learn between now and then.”

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8:30 a.m.: U.S. International Trade in Goods & Services
8:30 a.m.: New Residential Construction - Housing Starts and Building Permits
10 a.m.: Federal Reserve Governor Stephen Miran speaks at the Bank Policy Institute and Small Business & Entrepreneurship Council event
12:45 p.m.: Federal Reserve Bank of Richmond President Thomas Barkin speaks at VACEOs luncheon
2 p.m.: Federal Open Market Committee meeting minutes published

8:30 a.m.: Employment Report
8:30 a.m.: Philadelphia Fed Business Outlook Survey
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
10 a.m.: Advance Quarterly Services
10 a.m.: Leading Indicators
10 a.m.: Existing Home Sales
11 a.m.: Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
11 a.m.: Federal Reserve Governor Lisa Cook speaks at 'Assessing Resilience and Vulnerabilities in the Financial System' event
1:15 p.m.: Federal Reserve Board of Governors closed meeting for a periodic supervisory update
1:45 p.m.: FRB Chicago President Austan Goolsbee participates in CFA Society of Indianapolis Annual Lunch
6:15 p.m.: Federal Reserve Governor Stephen Miran speaks at American Investment Council General Counsel Day event

The dollar is likely to come under significant pressure in the coming year if the Federal Reserve cuts interest rates more than expected due to political pressure, Commerzbank's Thu Lan Nguyen says in a note. The Fed is in danger of becoming politicized and pursuing more expansionary policy than necessary, she says. "We in fact assume that the Fed will at least partially bow to pressure from the U.S. government to cut interest rates more sharply." This should become particularly apparent when Fed Chair Jerome Powell's term ends next spring and President Trump replaces him with a candidate who favors rate cuts, she says. U.S. trade policy also remains a risk for the dollar given the potential for fresh tariffs. — Renae Dyer

Markets could react to delayed U.S. nonfarm payrolls data on Thursday "more cautiously than usual" given the significant delay and the resulting information vacuum, says ADSS's Neal Keane in a note. "With the December Federal Reserve meeting still seen as a coin toss for a rate cut, any meaningful deviation from Thursday's print has the potential to meaningfully shift interest-rate expectations," says the UAE-based trading platform's head of global sales trading. A downside surprise in Thursday's payrolls could quickly unwind the recent hawkish tone from Fed officials, prompting markets to re-price a December cut more aggressively, Keane says. A stronger-than-expected print, on the other hand, would likely push December cut expectations further out into the New Year, he says. — Emese Bartha

The cooling of inflation in October extends a string of soft U.K. economic data, Andrew Wishart at Berenberg says. This will likely convince swing voter Bank of England Governor Andrew Bailey to favor an interest rate cut at the coming meeting. Berenberg, therefore, brings forward expectations for a 25 basis-point cut to the meeting in December. It previously anticipated that the BOE would wait until February. Still, a cut is unlikely to signal a rapid reduction in interest rates moving forward, Wishart adds. "Large price rises in the areas most acutely affected by the sharp increase in labour costs this year show that the BOE must be wary of prolonging high inflation by cutting interest rates too far too quickly," he says. — Don Forbes

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.