- Stocks, bonds, the dollar, and commodities remain about where they were ahead of the release of the FOMC minutes, which makes sense given the minutes produced nothing unusual - i.e., the Fed has decided we must have a rate hike, and slow growth overseas and inflation below target isn't going to change that stance.
- The first chance of a rate hike comes in April as the minutes reiterate what Janet Yellen has previously said - that nothing is likely to happen at the next two FOMC meetings.
- The 10-year Treasury yield remains three basis points higher at 1.97%, and Fed Funds futures are pricing in 100% chance of a 25 basis point hike by late summer/early fall.
- TLT -0.1%, TBT +0.2%
- ETFs: TBT, TLT, TMV, SHY, TBF, EDV, TMF, TTT, ZROZ, SBND, TLH, VGLT, DLBS, BIL, UBT, TLO, VGSH, SHV, SCHO, TENZ, LBND, DTUS, SST, DLBL, TYBS, DTUL, TUZ
- Previously: FOMC minutes: Global slowdown, low inflation won't stand in way of tighter policy (Jan. 7)