Investors are waiting for the Federal Reserve’s rate hike decision, slated for Wednesday afternoon.
Yields also jumped Tuesday. The 2-year U.S. Treasury note yield surged as high as 3.99%, its highest level since 2007. The yield on the 10-year Treasury briefly touched 3.6%, the most since 2011.third consecutive 0.75 percentage point rate hike to tame high inflation
. A higher-than-expected consumer price index reading in August and hawkish comments on rate hikes from Fed leaders have weighed on stocks, with more pressure likely ahead as the central bank continues to fight inflation. "We'll never truly know whether the equity market lows are in for the year without successfully testing the June lows," said John Lynch, chief investment officer at Comerica Wealth Management in a Tuesday note."To be sure, the recent technical weakness in stock prices must now contend with the resolve of monetary policy makers in their fight against inflation."
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