Salient to Investors:

Mark Andersen at UBS said the FOMC minutes may have started an adjustment process for the markets, with realism setting in with investors. Anderson said you can’t have both stronger growth and ever-expanding balance sheets at central banks, so their members are starting to consider the longer-term consequences.

Nicholas Spiro at Spiro Sovereign Strategy said the FOMC minutes further expose the policy rifts within and presage a gradual scaling back of the QE, so investors are not surprisingly taking fright at the possibility of the removal of the main pillar of support for risk assets.

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