The Bank of Japan is finally admitting the large costs associated with its current policy framework.

Consistent demand has helped limit volatility in high yield munis; fundamentals remain supportive, but pay attention to technicals.

The Fed opts to stay silent on September but options have a price – which the Fed has yet to pay.

The Wu-Xia shadow fed funds rate troughed during the first half of 2014 at around -3% and has been rising ever since as the Fed ended QE and started to prepare the market for liftoff.

Our expectation is that growth will fall to around 0% or slightly above over the next 12 months.

The minutes dutifully convey why the FOMC did not hike in June, but what insights do they provide about the conditions that will need to be met before the committee can agree on the next hike?