Since the last FOMC meeting on June 14th - when The Fed 'paused' its hiking cycle (but pressed its view, via The Dots, that the cycle has at least 2 more hikes in it) - gold and bond (prices) are down 1-2% with the dollar basically flat. Stocks have rallied notably, but crypto has been the big winner... {chart} Which is 'odd' given that the market's expectations for Fed actions has shifted significantly more hawkish - despite the 'pause'. {chart} Another view of that is the upward shift in the Fed Funds curve expectations since the last FOMC meeting... {chart} So ahead of The Minutes, all eyes are on any confirmation ... (full story)