US markets got little solace, but more clarity, from the FOMC minutes overnight; the committee members remained highly focused on culling inflation, even if it was at the expense of a sharp economic slowdown.
For July’s meeting, a 0.50% to 0.75% Fed Funds rate hike was most likely. The minutes touched on the need for credibility and as such, I believe there will be no wimp-out by the FOMC at the end of this month, as that would achieve exactly the opposite plus interest.
That was enough to shift the US yield curve higher although most of the gains were in the two-year...
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