US dollar edges lower
The FOMC minutes offered more color on the path of the potential taper than anticipated, with the document outlining a likely $15B/month pace starting in Nov or Dec.
That level of specificity highlights an eagerness to take action that’s more hawkish than anticipated, even if it’s roughly along the path that market participants expected.
The dollar selloff has reversed modestly since the release. It’s clearest in GBP/USD, which is 25 pips off the best levels.