The dovish FOMC minutes sparked further consolidation in the USD. Stocks surged, US rates dropped and most commodity prices ticked higher. This is the mirror image of the market mood just 24-hours earlier when oil prices hit a 17-month low, the S&P completed one of its worst sessions of the year and the US 10-year dropped below 2.35 for the first time in nearly six weeks. Given this backdrop, it is hard to argue the impact accommodative monetary policy has had on “risk” assets. That said, the Fed minutes demonstrated that the Fed wants to remain cautious about the signals it is sending to markets. Indeed, the ... (full story)