Bank shares including Goldman Sachs and JPMorgan Chase continued their retreat on Wednesday as long-term bond yields fell further, hurting the industry's profitability prospects. Defying many predictions, the 1fell to 1.306% on Wednesday. Yields on the short-end of the so-called Treasury curve, including 1-year bills and 2-year notes, were flat to higher.
The Fed's minutes are expected to be dovish with the central bank looking for progress in the labor market and not worried that recent inflation will become a persistent trend. Slowing down the bond buying would be the Fed's first major retreat from the easy policies it put in place when the economy shut down last year.
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