We had a long preference for yesterday’ session

S&P 500 (Mar 13) INTRADAY Review We had a long preference for yesterday’ session looking for a continuation of the extended grind higher but we were the victims of the FOMC minutes delivering surprisingly hawkish information that triggered a ‘QE-Off’ trade. The minutes of January’s FOMC meeting released last night at 19.00GMT contained the sentence: ’Many officials were concerned about the costs and risks of further asset purchases, as the Fed buys securities at a pace of $85bln a month.

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We had a long preference for yesterday’ session