Stock market today: Dow closes lower as spike in Treasury yields rattles stocks
Most Federal Reserve officials said"significant" upside risks to inflation keep further monetary policy tightening on the table for later this year, according to the minutes from the July 25-26 Federal Open Market Committee meeting published Wednesday.
The minutes also revealed a Fed U-turn on the outlook for the economy, with Fed staff no longer expecting a “mild” recession later this year. The hawkish overtones gave credence to bets for higher for longer rates, pushing Treasury yields to fresh October highs.Tech led the broader market to the downside as chip stocks took a breather from the recent melt-up amid pressure from Intel Corporation (NASDAQ:
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