eFXdata reports that CIBC Research discusses its reaction to FOMC minutes.

"The minutes of the July FOMC shed light on the timing for the future tapering of QE. While no decisions were made, most participants noted that it could be appropriate to start reducing the pace of asset purchases this year, given that substantial further progress towards full employment was close to being met, and had already been met regarding the price-stability goal. Regarding the composition of assets, most participants saw benefits in reducing the pace of net purchases of Treasury securities and agency MBS proportionally. Overall, with participants committing to provide advanced guidance of tapering, and with the solid employment report received since this meeting, the September meeting is likely to set the stage for tapering as early as later this year," CIBC adds.