The yield on the 10-year Treasury fell again. That was even though a report on wholesale inflation came in hotter than expected. Economists said it may not be enough to force the Federal Reserve to raise its main interest rate again. Oil prices also continued to pull back from their spurt earlier this week.NEW YORK — U.S. stocks are drifting Wednesday as yields are mixed in the bond market, which has been Wall Street's main driver recently.
But the two-year Treasury yield, which moves more closely with expectations for the Fed, ticked up to 5.00% from 4.97%. Minutes from the Fed's meeting last month suggested officials see the outlook for the U.S. economy as particularly uncertain. They said they were ready to “proceed carefully” in deciding what to do next with rates.
They see U.S. rates stopping their climb following clearer signs that high rates are becoming “sufficiently restrictive” to the economy. That could show itself through a moderating U.S. economy, struggles for stocks and other risky investments and a shift in commentary by Fed officials.
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