
Fed Minutes: Full Breakdown
In the lead up to the release of the Fed minutes, stocks were buoyant as was the broad dollar following Wednesday morning's ADP beat. Meanwhile, 10Y yields exhibited a bit less enthusiasm, falling after EIA data turned out to be a bit more "supply-ish" than Tuesday's API print seemed to presage and perhaps indicating that Japanese buyers are back in the market for USD assets especially with XCCY basis having come in or perhaps simply reflecting covering of the last vestiges of the 10Y short.
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One thing for sure, the markets hate it.