Here on Wall Street. Here is the New York Minute for October, the 14th.

We have a strong day in Europe and the opening here in Wall Street,

but that soon dissipated. Stocks ended up luckily flat for the day,

and that was because of changes in fixed income and common currencies.

The dollar is strengthening very noticeably at present because its right back up to the top of its recent arrange.

And that is because bond yields, treasury yields were also rising very sharp

to the 10-year yield has almost go back up to 1.8%.

Inflation expectations are also rising for the States, still at a very low level

but right back up toward the top of their recent ranges.

Now all of this is because there is now a belief that the Fed really is going to be raising rates in December of this year.

However, if you take a look at the implicit forecasts for rates by the end of next year,

people still think it's only really a 50-50 shot that they would've raised rates once more by then.

There is still a belief that the Fed is fundamentally dovish,

even though there is a great concern about rising inflation and the strengthening dollar.

It's an unappetizing mix and it the explains why stocks gave up their gains for today.

And that's the New York Minute.