Markets were contained ahead of the FOMC minutes, with the USD and equities slightly higher, bond yields slightly lower. Following the minutes (just released), bond yields and the USD have risen.

Bond yields rose on concerns the Fed may need to tighten further than previously thought, fuelled overnight by stronger activity data. That supported the US dollar, but hurt equities, the S&P500 down 1.7%.

Markets were subdued during the liquidity-thinned US holiday. Bond yields rose slightly, as did the AUD and NZD.

Amid little major news flow, the US dollar and bond yields fell, and the S&P500 closed down 0.3%.

Strong US PPI data and hawkish Fedspeak pushed bond yields slightly higher and equities slightly lower, the S&P500 down 0.4%. Currencies pared losses for little net change.

Strong US retail sales data pushed bond yields and the US dollar higher. Equities were only briefly ruffled, the S&P500 currently unchanged.

Markets reacted to the US CPI inflation data by pushing bond yields higher. Currencies were less sensitive, and equities weren’t too ruffled, the S&P500 down 0.1%.

Ahead of key US data, equities rose (S&P500 up 1.1%) and the US dollar fell slightly. Bond yields were little changed.

Fed tightening expectations helped push bond yields and the USD higher. US inflation expectations remained elevated.

Previous strong US jobs data and hawkish Fedspeak continued to resonate, pushing bond yields higher. The S&P500 is down 0.5%, while currencies were mixed. Sweden’s central bank delivered a hawkish hike.