The FOMC meeting minutes last night failed to give any further clues over the timing of the first rate hike by the Fed. There is an expectation for inflation to rise towards the 2% target in the medium-term. There were worries amongst the committee that long term inflation expectations may begin to fall, but also with concerns over raising rates too quickly and the volatility it may create. FX markets reacted to the minutes with a sharp move away from the dollar, only to be subsequently unwound, whilst Wall Street closed the day slightly lower as this bull run continues to struggle to gain real contraction. After all ... (full story)