The market giveth and the market taketh away. Last night was a giving night for stocks, US dollar bears, gold bulls and holder of long term US Treasuries. Even the obvious message from the Fed in the FOMC minutes is that QE is ending and the road to the normalisation of rates is at hand could help the US dollar or scare the long end of the bond curve nor stock traders. The minutes noted that Fed participants “generally agreed” that its monthly bond purchases would end in October. Certainly two year Treasuries reacted hitting their highest levels in more than a year. But closing at just 0.5% it is hardly a bear market ... (full story)