Bonds, Stocks, & Gold Drop; Dollar Pops After Fed Fails To Hint At Rate-Cuts

The dollar is modestly higher after the FOMC Minutes as the market seems disappointed in the "transitory" description of weakness and no immediate signal of looming rate-cuts.

Some have even pointed to these Minutes as decidedly hawkish:

"Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year"

...

"A few participants observed that the appropriate path for policy, insofar as it implied lower interest rates for longer periods of time, could lead to greater financial stability risks."

Stocks, bonds, and gold are all lower post-FOMC minutes...

But all in all, the moves are very modest.