4/8/2021 4:25:20 AM GMT
The FOMC Minutes passed without incident overnight. The committee felt that risks were balanced but that the economy remained far from the FOMC s longer-term goals. Additionally, they expressed comfort that the recent rise in US bond yields reflected an improving economy and economic outlook. Once again, they emphasised that labour markets remain far from pre-Covid levels and seemingly, this forms the centre of FOMC thoughts and rightly so.
The nil-all draw from the FOMC minutes left stock markets drifting, although, in currency markets, the US Dollar firmed as US long yields edged higher. Notably, the Australian and New Zealand Dollars were amongst the worst performers, emphasising the currency markets (and probably stocks) are being bounced around by fast money flows.
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