While we have to take seriously any statement from Federal Reserve regional bank presidents, not all comments are equal because not all Fed presidents are equal.

It’s best to start with U.S. dollar weakness today because it has affected most other markets. The greenback is down against the euro, yen, British pound and Swiss franc.

It’s not unusual to get a bit of a whipsaw effect on the day of the release of minutes from the Federal Open Market Committee meeting. Many who were betting one way or another suddenly shift to the diametrically opposite positions.