The focus on US inflation took on added importance yesterday in the wake of a dovish set of FOMC minutes released last night which has hit the dollar once more. “Many” participants viewed the likelihood that inflation may remain below the 2% target for longer than currently expected. With inflation having fallen for much of 2017, and “some” on the FOMC believe the Fed needs to see traction in the direction towards target before pushing ahead with further rate hikes. The prospects of a December hike which would be the third in 2017 have taken a further hit. Treasury yields fell back with the US 2 year down by 3 basis ... (full story)