The dovish Fed’s minutes for the September meeting, in which the members kept monetary policy unchanged, were released this past week. It showed that it was “decided to be prudent to wait for additional information confirming that the economic outlook did not deteriorate”. Whilst most members indicated that they still think that rates will be lifted this year, the risk is now greater for them to only start hiking next year. Last week’s job data would have amplified those downside fears. But the loss in momentum in the payroll data will probably not be sustained as job openings have increased and US jobless claims fell to its lowest in 42 years. In the meantime, the market has interpreted the dovish US Fed tone as positive and equity markets bounced from oversold levels.