Stocks briefly extend rise, Treasury yields pull back after Fed statement

U.S. stocks popped to session highs then pulled back to remain slightly higher Wednesday in a relatively subdued reaction after the Federal Reserve, as expected, delivered a half-point increase to the fed funds rate and set out its timetable to aggressively begin winding down its near $9 trillion balance sheet. The Dow Jones Industrial Average was up 86 points, or 0.3%,versus a gain of around 180 points ahead of the announcement. The S&P 500 and Nasdaq Composite were each 0.2% higher. The yield on the 10-year Treasury note trimmed a rise slightly to trade at 2.964%, while the 2-year Treasury yield remained up around 2 basis points at 2.789%. Yields and debt prices move opposite each other.

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