SGH Macro Advisors Chief U.S. Economist Tim Duy said it has become common for multiple Federal Reserve officials to vote against recent interest-rate decisions. According to ChainCatcher, Duy said the key issue for markets is how widespread officials' concerns about inflation are, especially while inflation remains above target.

He said the labor market has stabilized, and some officials believe rates should be raised to curb inflation. Markets will watch the degree of consensus inside the Fed on inflation concerns and the extent of policy disagreement.