Impact of Fed Minutes overshadowed by geopolitical risk
The impact of the Fed Minutes on the markets was quite different from the earthquake caused by the publication of the previous ones: long rates eased slightly…
The continued rise in bond yields (1.37% for the US 10-year) reflects market nervousness ahead of tomorrow’s ECB meeting and the release of the Fed’s Beige Book this evening.

Get more analysis and data with our Premium subscription
Ask for a free trial here
At the same time, the rebound of the USD reflects both this nervousness, but also the possibility that the anticipated tightening of ECB policy will be lighter than expected.
Japanese GDP growth was revised from +0.3% to +0.5% q/q in Q2. The economic calendar is still light today. The euro is trading below USD 1.184.