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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.

Copyright The Financial Times Limited 2017. All rights reserved.

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