Stocks Shrug Off Fed's "Mid-Cycle" Language, Bond Yields & Dollar Dive

Stocks decoupled from bonds and the dollar as Europe opened overnight but since FOMC Minutes showed "most Fed officials" do not see this as the beginning of a great easing cycle, bond yields (makes sense) and the dollar (?) have slipped lower..

As stocks stay near the highs...

Source: Bloomberg

Despite what the Minutes said, the odds of a 50bps cut in September are higher (at 15% from 11% before the minutes)...

Source: Bloomberg

On the day, spot the odd one out... Dow +300 points, 10Y TSY Yield unchanged, USD Index unchanged.