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The minutes of the Federal Open Market Committee's (FOMC) Aug. 4-5 meeting show that board members "did not see the current stance of policy as particularly accommodative." It also revealed that most members anticipate the next policy move to be a tightening of rates, but the timing and extent of any change would depend on evolving developments.

In the minutes released from a meeting of Fed Governors to approve Bear Stearns' acquisition by JPMorgan and the establishment of a lending facility to primary lenders on March 14 and 16, the Fed reaffirmed that the moves were "based on recent, rapidly changing developments."

When released Tuesday, the minutes from the FOMC's March 18 meeting are likely to be scrutinized for indications of the Fed's economic outlook at the time of its last 75 basis point cut, as well the degree of divergence amongst committee members, economists say.

"The usual suspects including credit dislocation, the beleaguered housing market, elevated interbank lending rates...