The US Federal Reserve (Fed) underscored its cautious stance in the FOMC minutes of the recent interest rate meeting published last night. Within the central bank monetary policy board, there seems to be no agreement on the further monetary policy course this year. While some members only want to raise interest rates even when inflation picks up, others cite a persistently solid economy as a prerequisite for further interest rate hikes. However, there is consensus on ending the shrinkage of the central bank balance sheet, which has been inflated by crisis measures, before the end of this year. The USD rallied broadly following the publication of the minutes, while US bond yields rose moderately.