As we move towards the end of the week, markets are beginning to look more settled. The spike higher on US Treasury yields in the wake of the FOMC minutes has calmed down with the US 10 year yield around 2.92%. The volatility in the equity markets which drove such a fearful reaction in recent weeks is also settling down and we are now seeing more of a truncated outlook where trends are being replaced by a broader phase of choppy consolidation. The run of near term recovery on the US dollar began to unwind yesterday but looks again to be regaining some ground this morning. However none of the moves are decisive. FOMC ... (full story)