Financial Markets Wall StreetDAMIAN J. TROISE and ALEX VEIGAStocks turned lower on Wall Street and Treasury yields rose in afternoon trading Wednesday after the Federal Reserve raised its benchmark interest rate and signaled more hikes ahead.by 0.50 percentage points, marking its seventh hike this year. The latest hike is smaller than the previous four 0.75 percentage point increases and comes a day after an encouraging report showed that inflation in the U.S.
Bond yields, which had been mostly lower before the Fed announcement, also turned higher. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.53% from 3.50% from late Tuesday. The two-year yield, which more closely tracks expectations for the Fed, rose to 4.28% from 4.22% late Tuesday.
Wall Street is also closely watching economic reports on consumer spending and employment, which remain strong. That has made it more difficult for the Fed to tame inflation while also helping to protect the slowing economy from a possible recession.
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