You put a bunch of economists in the room and you will get a little of everything....And perhaps some "transitory" excuses too.

The FOMC meeting minutes showed what happens when you put a bunch of economists in a room with lots of data. You can get a lot of opinions on virtually everything.

Let's face it, when you have an unusual combination of 'full employment' with inflation that is at or below target, and growth that is virtually unchanged for the 1Q, you find that there may be the use of "transitory" to explain away the head scratching wonder from models that don't do what economist expect them to do.

In fact, I queried "transitory" and there were 9 uses of the word in the 12 pages. Is that a lot? Well, it was more than a few. There is hope that the transitory things that are happening whether it is growth or inflation, will reverse.

Anyway, the dollar moved lower initially after the headlines but has since recovered some of the losses. The changes in most pairs was about 30-50 pips from the low to the highs. That is not a lot. It's a mixed bag.

The US stocks are doing better now with the Nasdaq up 0.24% and trading near the highs.

The yields are moving a little lower.

Technically speaking for the major pairs....(only pictures this time).