The Fed minutes didn't contain any big surprises. On the dovish side, there was no mention of 100 basis points. On the hawkish side, they highlighted a resolve not to let inflation expectations become entrenched.

The dollar is higher in the aftermath as yields climb to new highs. The 2-year is now up 14 bps to 2.95% after falling to 2.76% at the start of US trade. That's quite a swing and it's helping to underpin USD/JPY, which is now having a look at 136.00, which was the high after the ISM services data.

US 2y yields