The Fed’s minutes: nasty surprise or relief?

The Fed Minutes included a key sentence showing that some members are ready to start discussing the tapering of bond purchases, provided the economic recovery is being confirmed. Bond yields rebounded, the USD as well and US equities posted their 3^rd straight decline. These movements remained limited nevertheless, far from the collapse of crypto-currencies, with Bitcoin touching $30,000 when it was worth $65,000 in mid-April! The EUR/USD fell below 1.22 but shows sign of rebound this morning. This may suggest the market is not sure a more hawkish Fed is really bad news.