·        In the early US session on May 21, stocks and gold wobbled as Iran may or may not agree to transfer the ‘nuclear dust’ to any third country. ·        Overall, FOMC minutes show the Fed is quite hawkish on inflation and growth while moderately dovish on employment. ·        Theoretically, the Fed has to bring down both the inflation and the unemployment rate by around 100 and 50 bps for its dual mandate, and thus it has to maintain the present neutral stance rather than a restrictive or accommodative one. On May 20, 2026, some focus of the market was also on the April FOMC minutes, apart from Trump’s ongoing rhetoric on the Iran war/peace. As a recapitulation, the FOMC held a joint meeting with the Board of Governors on April 28–29, 2026. The committee left the target range for the federal funds rate unchanged at 3.50–3.25%. Highlights of FOMC Minutes: April 28–29, 2026 (released May...