It is really more of a US dollar story than anything else on Thursday, with the markets soaking up the Federal Reserve's commitment for lower for longer rates. In yesterday's Federal Open Market Committee minutes, various participants noted that changes in the path of policy should be based primarily on observed outcomes rather than forecasts. This has given rise to a topping in US yields with the benchmark 10-year Treasury yield down by some 2.5% at the time of writing, off its lows of the day of 1.6280%. Meanwhile, the US dollar traded near its lowest in more than two weeks versus major peers, tracking Treasury ... (full story)