{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T14:09:25Z","timestamp":1785334165447,"version":"3.55.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Three news events landed on US markets on 20 May 2026 within a four-hour window. Two inferred Iran-related news windows, consistent with reported Trump remarks on US-Iran negotiations and follow-on wire coverage, occurred at approximately 10:15 ET and 11:15 ET. At 14:00 ET the Federal Open Market Committee released the minutes of its 28-29 April meeting. I use 1-minute bars on WTI crude, the E-mini S&amp;amp;P 500, the 2-year Treasury note future, the ICE dollar index, and the CBOE 5-year Treasury yield index to characterise each window. The two Iran windows show large coherent risk-off-relief signatures across five instruments. The minutes window, in contrast, shows a smaller dovish response concentrated in rate-sensitive instruments. A permutation test on the FOMC window using 10,000 pseudo-event times drawn from three pre-event sessions returns p = 0.017 for the dollar index and p = 0.016 for the 5-year yield at the 60-minute horizon, with the non-rate-sensitive instruments null. A clock-time placebo at 18:00 UTC on the three pre-event sessions confirms that the dollar response on 20 May is approximately 2.4 times larger than the largest placebo move. News-wire and trading-day summaries characterised the minutes as hawkish. The high-frequency market read was dovish. The paper documents this divergence.<\/jats:p>","DOI":"10.2139\/ssrn.6808358","type":"posted-content","created":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:35:04Z","timestamp":1785332104000},"source":"Crossref","is-referenced-by-count":0,"title":["Three Co-Located Shocks and a Dovish Market Read of Hawkish FOMC Minutes: High-Frequency Evidence from 20 May 2026"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,7,29]],"date-time":"2026-07-29T13:35:04Z","timestamp":1785332104000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6808358"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6808358","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}