The dollar’s bullish run since the end of May could finally have reached an exhaustion point. Money markets on Wednesday priced in for the first time a further 225 basis points of Federal Reserve interest-rate hikes by the end of 2022, the sharpest pace of tightening since 1994. The FOMC’s latest minutes later in the day detailed the Fed’s plan to shrink its balance sheet by more than $1 trillion a year. The Bloomberg Dollar Spot Index advanced a fifth day, yet closed near the middle of its intraday range. At the same time, the euro and the pound, which were trading toward their cycle lows, managed to trim losses and ... (full story)