On Wednesday, the U.S. Federal Reserve is set to release its July meeting minutes, giving investors a glimpse into the bank's discussions regarding an interest rate hike. At the moment, many believe there is a 50/50 chance that the bank will raise rates in September, though unforeseen economic conditions around the world could postpone those plans.

The Fed's every word has been scrutinized for almost a year as investors try to predict the bank's next move, and the meeting minutes to be released Wednesday will be no exception.

Last Call

This release is likely to be the bank's last major communication with the public before the September meeting. With no FOMC scheduled for August, investors will have to rely on data releases and comments from bankers until they reconvene in the fall. Fed Chair Janet Yellen has been adamant about her plans to determine the feasibility of a rate increase on a meeting-by-meeting basis, so that means the minutes won't reveal any firm plans.

Wording Changes

The bank's July policy statement had some slight wording alterations that could have a significant meaning behind them. The bank said it wanted to see "some further improvement" rather than "further improvement" in the labor market, and investors are curious to know why the change was made and what it means.

What Won't Be Included

The minutes come from the bank's July meeting which took place three weeks ago, and a lot has happened since then. China (FXI quote) sharply devalued the yuan and oil prices continued to plummet. The central bankers' conversations won't take into account all of the changes the global economy has faced in recent weeks, so investors will be left to wonder whether or not those factors will play a part in September's decision.

Content courtesy of Benzinga written by Laura Brodbeck, Benzinga Staff Writer