Treat it as a sell off and buy more
Fed Minutes Signal Another Hike, Yet Long-End Yields Hit New Highs First?
Stocks fell Wednesday: Dow -0.66% to 51,179.87, S&P 500 -0.22% to 7,801.77, Nasdaq -0.22% to 27,538.69, QQQ -0.25% to $757.73. The 10-year hit 5.366%, 30-year 5.728%, both highest since 2002. Minutes showed all 19 policymakers backed the 25bp hike, split on whether it was precautionary or a turn tighter; most expect one more this year, no meeting named. Bulls say nothing was more hawkish than priced; bears say fiscal pressure and Treasury supply are unresolved and term premium is lifting the long end, so even if the Fed stops, valuations stay weighted. Long end still up if the Fed stands pat?
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