The focus for financial markets over the next 24 hours will be the release of the minutes of the May FOMC meeting. This was the meeting when the Fed seemed to push back on ideas of an insurance rate cut and Chair Jerome Powell nudged the dollar and US interest rates a little higher by focusing on the "transitory" factors keeping inflation a little soft. Given the external environment, we doubt these minutes alone will do much to alter market pricing of a 25 basis point Fed cut by year-end, but equally it would be a big surprise were the minutes to add fuel to easing expectations. Thus we see them as a neutral to ... (full story)