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No nasty surprise with the Fed minutes

  • Macro-economy

The release of the Fed minutes did not have any significant impact on markets, as the overall message remained strongly dovish, in line with consensus expectations. Equities and bonds remained rather stable as well as the USD, although the EUR/USD exchange rate briefly topped 1.19 yesterday. The sharp widening in the US trade deficit confirms the crucial role of the US economy in the global recovery.

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