Stocks, Bonds, & Bullion Tumble As USD Jumps After Fed Minutes Shun Yield Curve Control

It’s hard to argue the Minutes were hawkish but perhaps it was the shying away from Yield Curve Control and fears over financial stability risks that spooked traders (for now). The push back on YCC raises the risk of a rise in nominal yields and it appears stocks don’t like that… with S&P back in the red…

Bonds were dumped on the lack of YCC…

The USD spiked…

And gold dropped (less easing?)…

As real-yields rise…

Of course, this could all change dramatically within the next 90 minutes.