on its massive support for the economy earlier than previously thought.
The Dow Jones industrial average fell 265.66 points, or 0.8%, to 34,033.67, paring a loss that hit 382 points shortly after the Fed’s announcement. The Nasdaq composite fell 33.17 points, or 0.2%, to 14,039.68 after earlier being down 1.2%.In the bond market, the yield on the 10-year Treasury climbed to 1.55% from 1.50% late Tuesday. The two-year yield, which moves more closely with expectations for Fed policy, rose to 0.20% from 0.16%.
Before, uncertainty about the economy’s recovery from the pandemic may have forced Fed officials to push the timeline for rate increases further into the future. Now, with widespread vaccinations helping to send the economy roaring out of its prior coma, the central bank may be feeling more confident.
But he acknowledged that conditions have improved enough to start discussing when to taper the purchases. “You can think about this meeting as the ‘talking about talking about’ meeting,” he said.
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