February 21, 2018
Stocks initially rebounded from Tuesday’s losses on Wednesday. They held their gains after the publication of the FOMC minutes, but tumbled in the last hour of trading to close lower on the day as the yield on the 10 year treasury note climbed to a four year high. The Dow was down 0.7 percent, the S&P retreated 0.5 percent and the Nasdaq lost 0.2 percent.
The yield on the US Treasury 30 year bond was up 7 basis points to 3.22 percent while the 10 year note was up 5 basis points to 2.94 percent.
The FOMC minutes were upbeat about the economy and confident that inflation would reach its 2 percent target.