The Fed minutes did back that it is likely to have cuts this year, but did not really go to the extent that the market thinks (or so it seems). The USD has moved a bit higher with the EURUSD trading to a new low. The USDJPY is pushing to the highs. Other pairs are tilting marginally higher.
Now the price action is not running. The EURUSD has already moved back above the earlier low.
The USDJPY made a new high for the day but it was only by a pip.
Looking at the treasury curve:
- 2 year 4.365, up 3.8 basis points
- 10 year 3.933%, that is down -1.1% after reaching just above 4.0% earlier today
- 30 year 4.073%, -1.1 basis points
The US stock market is lower but not by much vs. the pre-release levels:
- Dow -176 points. That is unchanged from just before the release
- S&P -26 points vs -24 points just before release
- Nasdaq -136 vs -124 points just before release.
