Shortly after the opening bell, the Dow Jones Industrial Average added 42.54 points, or 0.19 percent, to 22,310.88.
"The Fed took another step on its path of lovely normalization, announcing that the gradual balance sheet reduction will start next month and limiting revisions to both projections and policy guidance", said Mohamed El-Erian, Chief Economic Adviser At Allianz, in California.
"It seems the market is holding its breath and waiting for what the Fed has to say regarding the economy and any future interest rate hikes", said Ryan Detrick, senior market strategist for LPL Financial.
As a result, market odds for a December hike jumped, with futures markets showing the probability above 54 percent on Friday, up from 31 percent the week before.
Many economists believe the Fed will leave target interest rates unchanged at its next meeting.
"The boldest, the most hawkish case, it is going to take well into the next decade for the balance sheet to get to its "new normal" size", Hogan said. The S&P 500 gained 3.64 points, or 0.15%, to 2,503.87; and the Nasdaq Composite added 6.17 points, or 0.1%, to 6,454.64.
CENTRAL BANK WATCH: Central banks are due to hold policy meetings in Japan, Taiwan, Philippines and Indonesia.
And investors should keep their seat belts fastened and ignore any short-term market gyrations, while also keeping some funds in certificates of deposit and other safer investments. "Certainty is preferred to uncertainty, when it comes to market confidence".
Investors will be watching domestically for second-quarter gross domestic product figures which are expected to show economic growth accelerated to a quarterly pace of 0.8 percent from 0.6 percent in March.
NORTH KOREA: Markets are watching Trump's United Nations speech Tuesday for any mention of military options on North Korea following its latest missile launch.
In currency markets, the Canadian dollar was trading at an average price of 81.71 cents USA, down 0.38 of a U.S. cent.
Gold for December delivery closed down less than 0.1% at $1,310.60 a troy ounce on the Comex division of the New York Mercantile Exchange.
With the bank's outlook appearing to have become increasingly upbeat in recent months, the minutes may help push the Australian Dollar slightly higher should the minutes contain no major surprises.
The U.S. National Association of Realtors said existing home sales unexpectedly rose by 1.7% last month, but they were still at their lowest level in a year at 5.35 million units. Meanwhile crude oil prices were steady, reportedly as worries about lower Saudi output were offset by prognoses of higher U.S. shale production. Traders braced for a potential stockpile build-up expected later this week, limiting the prospect for further gains.
USA crude rose 1.5 percent to $50.65 per barrel and Brent was last at $55.86, up 1.75 percent on the day.
Brent crude hovered at $55.50, not far from an nearly five-month high of $55.99 it had marked that day.