Markets are cautious leading into the release of the Fed minutes; with equities resting after the NASDAQ rallied to a fresh decade long high, U.S. 10‐year yields stable at 2.4% and a strong USD. Yesterday’s housing starts were encouraging while CPI did little to shift the expected path of interest rates. Today, the Fed minutes are the focusand expected to support a stronger USD as it will refocus markets on diverging interest rate paths.
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