Wall Street falls as the bond market cranks up the pressure

The Standard & Poor’s 500 fell 33.53 points, or 0.8%, to 4,404.33, following up on its Tuesday tumble of 1.2%. The Dow Jones industrial average lost 180.65 points, or 0.5%, to close at 34,765.74, and the Nasdaq composite dropped 156.42 points, or 1.1%, to 13,474.63.

High rates work to grind down inflation by bluntly slowing the entire economy and hurting investment prices. The Fed’s minutes showed that officials still don’t think the job on inflation is done but that they also acknowledge the risk of going too far and torpedoing the economy. They said they’ll make upcoming decisions based on what data report about inflation and the economy tell them.

“Ultimately there were no major surprises in the minutes, as the Fed is expected to remain data dependent when determining the path of monetary policy through the end of the year,” said Sam Millette, fixed income strategist for Commonwealth Financial Network.

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