U.S. stock indexes fell on Tuesday after a Federal Reserve official hinted at a more decisive tightening of monetary policy to curb inflation in the coming months.

Lael Brainard, who is awaiting confirmation of her nomination as Fed vice chairwoman, said lowering inflation is the central bank’s main goal, which could start reducing the size of its balance sheet by May and do so quickly.

Those words were enough to send tech stocks crashing, with the Nasdaq falling more than 2% in late trading.

But the world will be watching the words Fed officials shared at last month’s meeting to see what the Fed plans to do next. Those words, contained in the meeting minutes, will be released on Wednesday.

Investors are also preparing for the announcement of new sanctions against Russia this week, which could target the country’s financial and energy sectors.

Meanwhile, the market is awaiting the next batch of earnings reports, which will start arriving later this month. With the military special operation in Ukraine creating more uncertainty by the day, energy prices remain high and investors will be interested to see what corporate executives have to say about costs and labor market trends.

Here are 3 events that could impact the market on Wednesday:

1. WAITING FOR THE FRS MINUTES

Market participants will be closely watching the minutes of the March Federal Open Market Committee (FOMC) meeting, which will be released on Wednesday at 2:00 PM ET (7:00 PM GMT). Traders will explore the monetary policy committee representatives’ ideas on the future trajectory of interest rate hikes and any comments on interest rate cuts.

2. OIL INVENTORIES

The Energy Information Administration’s crude oil inventories, which measure the weekly change in the number of barrels of commercial crude oil stored by U.S. companies, will be released at 10:30 a.m. ET (15:30 GMT). Analysts forecast a decline of 2.056 million, up from the previous reading of 3.449 million barrels.

3. STATEMENT BY ENERGY EXECUTIVES

The House Energy and Commerce Committee has invited oil company executives – BP, Exxon Mobil, Chevron Corp and others – to answer questions about high gas prices and the industry’s role in pricing the market. The hearing will begin at 10:30 a.m. ET (3:30 p.m. GMT).