Any Fed talk these days is being put under the microscope as the central bank embarks on a tightening cycle in its fight against inflation. It was only three weeks ago that the FOMC hiked rates by a half percentage point for the first time since 2000, meaning minutes from the May meeting will be released later today at 11am, Investors will particularly be watching for any new details and discussions from the officials, which have pledged to raise borrowing costs until it has fully tamed inflation.  A series of 50-basis-point rate hikes are now expected over the next several months, triggering fears that the increases could send the world's largest economy into recession.

Shares of Wendy's are 10% higher this morning after its largest shareholder Trian proposed a potential acquisition of the fast-food chain. Trian Partners, which is run by famed billionaire investor Nelson Peltz, owns nearly a 20% stake.

The U.S. Treasury Department does not plan to renew a license that allows Russia to pay its debtholders through American banks, almost guaranteeing the first Russian foreign debt default since the Bolshevik Revolution. Up until now, the Kremlin had been using JPMorgan and Citigroup as channels to pay its obligations, but the provision that allows it to do so will expire at midnight. Russia last defaulted on its domestic debts in 1998 – this one will end up in the courts – as they’re able and willing to pay.