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Dollar Jumps, Stocks & Gold Drop After ‘Hawkish’ Fed Minutes

Courtesy of ZeroHedge. View original post here.

The Dollar Index has spiked, erasing the early losses, after markets interpreted The Fed Minutes in a hawkish manner.

As Bloomberg reports, the initial read is the minutes lean a bit hawkish. A number of participants on the committee were looking for a slightly steeper rate-hike path. There was a strong sense that fiscal stimulus was going to boost growth and a strong consensus on inflation moving up toward target. The lack of much market reaction would seem to be because much of this was telegraphed in the release of the dot plot, Powell’s press conference and his speech last week.

This sparked weakness in stocks and precious metals…

Interestingly, bonds are little changed post-Fed with 2Y modestly higher in yield.


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