FX majors unmoved by stronger capex

Slightly hawkish Fed minutes from the August meeting were released on Friday. Arguably, this was not a great surprise, given the meeting delivered a rate hike. But the Fed cited a need for "significant cumulative policy tightening", a tone that does not sit well with markets that have priced out nearly 50 basis points of tightening by year-end 2005 over just the last two months.

The Fed funds futures curve understandably steepened somewhat, though the Fed continued to state the obvious by

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