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Author Message   Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3881 Registered: 05-2011 Rating: N/A Votes: 0 Posted on Wednesday, January 05, 2022 - 3:24 pm:    Market Briefing: FOMC Minutes drive Treasury yields higher and growth stocks lower The major indices have dropped to new session lows in the wake of the FOMC Minutes for the December meeting. The precipitant has been the rise in the 10-yr yield above 1.70%, although short rates are moving higher, too, as the minutes conveyed a more hawkish tone (in a relative sense anyway compared to the uber dovish position that dominated for much of 2021). Treasuries saw some knee-jerk selling in response to the contention that "Many participants judged that the appropriate pace of balance sheet runoff would likely be faster than it was during the previous normalization episode." The continued push higher in yields has been like pouring salt in the wound for the growth stocks, which had already been dealing with persistent selling pressure. The Philadelphia Semiconductor Index is down 1.6%; the S&P 500 information technology sector is down 1.8%; the Russell 3000 Growth Index is down 1.1%; and the Vanguard Mega-Cap Growth ETF (MGK) is down 1.9%. The Dow Jones Industrial Average is down 0.2%; the S&P 500 is down 0.8%; the Russell 2000 is down 0.9%; and the Nasdaq Composite is down 1.9%.