Top Story

The Fed Minutes are Out, but Does It Matter?

The FOMC July 31st Minutes were released earlier today and the collective market seems to think the minutes are less dovish than expected!

Let’s take a look at gold, both before and after the release:


Source:  Tradingview,


Source: Tradingview,

Gold was volatile right before the release, however the immediate decline in gold after the release from 1507.25 to 1500.00 would suggest that the market thought the minutes were less dovish.  There is no need to own gold, as funds can be utilized elsewhere.

Let’s do the same for 30-year yields, again both before and after the minutes release:


Source: Tradingview,


Source: Tradingview, FOREX.COM

Bond yields were coming off into the release and put in a low near 2.02, as the RSI was in short-term oversold conditions.  The immediate bounce to 2.07 in yields after the release also would suggest that the market thought the minutes were less dovish.  Bonds were sold, and yields moved higher. 

But when you get right down to it, does it matter what was in the minutes?  The meeting was three weeks ago!  All eyes will be on Fed Chair Powell on Friday as he speaks at the Jackson Hole Symposium and gives his CURRENT view of the economy!

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

The markets are moving. Stop missing out.