Watch the USD closely now as Fed starts to shift pace

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Two neutral members have shifted

After the last FOMC minutes last night we now know that some members prefer a faster taper.  Bearing in mind that these minutes came out before the high CPI print it seems reasonable these pressures for a faster taper would have grown. 

Two neutral FOMC members tilt more hawkish 

Daly & Clarida are now leaning more towards faster tapering.

If core board members show this shift too then watch out for more USD strength. However, do remember that seasonally this is a very weak time of year for the USD. So, mixed forces out there folks. Also, it can be argued that with 3 rate hikes priced and a faster taper becoming a consensus view the move higher in yields and the USD looks overdone.

Two neutral members have shifted