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Does the sentence mean that "the market is now interested in an imminent complete change in monetary policy elsewhere"

“The market seems bored with the Fed and, instead, it is the looming turnaround in monetary policy elsewhere that’s driving currencies — and pushing the dollar down,” said Steven Barrow, London-based currency and fixed-income analyst at Standard Bank, in a note."

Source: http://www.marketwatch.com/story/is-janet-yellen-still-calling-the-tune-in-financial-markets-2017-07-10

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  • The market expects a drastic change in policy. The sentence does not imply that the market is interested in it, merely that the market expects it to happen. Jul 11, 2017 at 10:53

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Grammatically the clause in bolded print has nothing to do with "the market" or its bordedom, inasmuch as there are two independent clauses here connected by and. Semantically, however, the phrase "driving currencies" is related to the idea of "the market", since the passage is about currency trading. If there is activity in the currency trading market, it comes from an impending reversal of monetary policies elsewhere in the world -- the market isn't paying much attention to the Fed.

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