President of the Dallas Federal Reserve, Richard Fisher and President of the Minneapolis Fed, Narayana Kocherlakota (both non-voting members of the FOMC) may have caused market gyrations but the messages were clear.
Kocherlakota: the Fed has not become more hawkish.
Fisher: policy is still accommodative even stimulus is reduced.
In simple terms, the Fed is talking about tapering its bond buying program with no hint of tightening yet. Many investors in other asset classes are relieved. Dollar bulls just endure a mild hiccup. Watch for more such messages but see them lose impact over time.