The FOMC minutes didn’t contain any big surprises, showing a FOMC that remains concerned about upside risks to inflation, but is watching the data. US yields were higher, led by a 5bp increase in the 10yr yields to 4.26%. That was the fifth straight session of gains and the highest end-of-day level since June 2008. US equities were lower, the declines largely late in the US session following the release of the Minutes. Elsewhere, UK inflation data was a touch above expectations showed uncomfortably strong services inflation, the RBNZ held rates unchanged at 5.5% as expected and US IP data was strong. China concerns ... (full story)