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Risk assets around the world are still correcting after the FOMC minutes failed to feed the extraordinary rally we’ve seen over the past few months. It seems bulls were left very much downhearted with either no talk of stimulus forthcoming or enough clarity on strategy. As we highlighted yesterday, dollar positioning is quite extreme so a sharp move against the longer-term trend was a clear risk.Let’s not forget the Fed still sounded relatively dovish given the uncertain outlook and some policy makers are clearly still inclined to think that more support will be needed for the economy.... Read More

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