The US Federal Reserve has published the minutes of its September 15-16 meeting, and markets are reading them for clues about a December rate hike.

The minutes reveal how deeply policymakers debated the path of interest rates. Investors look for the tone of the discussion, any dissent, and hints about future moves in the official statement.

According to CME FedWatch data cited by Reuters, markets see only about a 20.5 per cent chance of a hike in October, down from about 51 per cent a week earlier. But they are pricing in an 84.5 per cent chance of a hike at the December meeting.

Fed officials Christopher Waller, Neel Kashkari and Alberto Musalem are also due to speak this week, giving markets more signals to parse.

For India, the Fed's path matters. Higher US rates can pull foreign money out of emerging markets and weaken the rupee, while also influencing the RBI's own rate decisions. The RBI raised its repo rate to 5.5 per cent on October 7, its first hike in nearly four years.

Minutes do not set policy, but they often move markets when they surprise. Analysts will watch whether the discussion leaned hawkish or cautious.