- US stocks closed higher after the Federal Reserve's latest meeting minutes revealed that most officials support slowing the pace of interest-rate hikes soon.
- The S&P 500 and the Nasdaq 100 both gained for the second day in a row. Treasury yields rose, with the benchmark 10-year yield hovering around 3.69%. The CBOE volatility index, Wall Street's fear gauge, fell to its lowest level in more than three months. The stock and bond markets in the United States will be closed on Thursday for the Thanksgiving holiday.
- Shown by the meeting minutes of the Fed's November 1-2 meeting, several Fed officials agreed on the need to slow the pace of rate hikes. Only a few of these officials emphasized the need for a higher terminal rate. Since the Fed's most recent meeting, investors have analyzed a slew of economic data that has eased inflation concerns, bolstering the case for smaller rate hikes.
- Nonetheless, some investors believe that the meeting minutes revealed nothing new and that markets are overreacting to the perceived shift in tone.
