Fed minutes show balance sheet cuts of $95 million per month

Minutes of the March monetary policy meeting showed that Federal Reserve officials generally agreed to cut $60 billion a month from the US central bank's holdings of the Treasury and $35 billion from its holdings of mortgage-backed securities. The minutes added that "many participants noted that one or more increases of 50 basis points in the target range could be appropriate in future meetings, especially if inflation pressures remain high or intense."

US Treasury yields rose after the minutes of the meeting were released as 10-year bond yields rose above the 2.6% level, and the US dollar rose against major currencies to its highest level since late May