Wednesday delivered two surprises where the market expected one. UK core CPI came in hotter than forecast at 2.6%, putting the September Bank of England meeting back on the live agenda and providing a modest GBP bid into the London open. That was the expected data event. The surprise came from Washington: Treasury Secretary Bessent doubled the size of long-end bond buyback operations, cutting the 30-year yield by nearly 10 basis points from its 19-year high and sending the dollar to its lowest level in over three months. Gold surged from a threatened $4,330 support zone to above $4,480. EUR/USD reclaimed the 1.1600 area. WTI held firm near $85 with the Hormuz supply story providing an independent floor.
The level that mattered most today was $4,380 in gold - the stop level the morning briefing established before the session opened. It held. Those who maintained discipline and did not pre-exit on London's early weakness were sitting on a 3.5% intraday move by New York morning. That is what stop discipline is for.
The FOMC minutes land tonight at 19:00 UK time into a bond market that has just been officially defended. A hawkish reading faces a steeper climb than it did 24 hours ago. Tomorrow brings further US data and the Canada tariff deadline begins to close. Full positioning guidance for the post-minutes framework, the Asia overnight setup, and Thursday's data catalogue is in the complete evening recap - available to Markets Mastered subscribers.