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Meh. That seemed to be the immediate reaction on Wall Street to the release of minutes from the Federal Reserve’s last policy-setting meeting, in which some officials remarked that stock prices were now “quite high”.

The S&P 500 index was recently up by 0.6 per cent to 2,375.1, just a touch below its highs of the day.

Meanwhile, in fixed income, Treasury yields were stable. The two-year yield was up by less than a basis point to 1.258 per cent, while the 10-year yield climbed 1.6bps to 2.377 per cent.

The euro fell further against the dollar, and was recently down by 0.3 per cent.

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