Yellen; mixed earnings
CNBC reports, "In prepared remarks, Fed Chair Janet Yellen said the U.S. economy is closing in on the central bank's goals, giving it impetus to start reducing the extreme levels of support it has provided over the past decade. "Right now our foot is still pressing on the gas pedal, though, as I noted, we have eased back a bit," Yellen said."
"Investors also focused on corporate quarterly results, as Goldman Sachs and Citigroup posted better-than-expected earnings. Goldman received a surge in trading revenue, but the stock fell 0.75 percent."
US Equity Indexes
At the time of report, the Dow Jones Industrial Average was down around 20-points to 19,804.72, while the broader S&P 500 Index gained 4-points to 2,271. Meanwhile, tech-heavy Nasdaq Composite Index banked over 16-points to 5,555
Treasury Yields
Reuters reports, Treasury yields rose to session highs on Wednesday after Federal Reserve Chair Janet Yellen made comments supporting further, gradual interest rate increases.
Benchmark 10-year notes fell 24/32 in price to yield 2.41 percent, up from 2.33 percent late Tuesday. Prices had weakened earlier on Wednesday after data showed that U.S. consumer prices increased in December as households paid more for gasoline and rental accommodations, leading to the largest year-on-year rise in 2-1/2 years.
The report continues,"Other data showed U.S. industrial production recording its biggest increase in two years. Rising inflation and stronger economic growth, if sustained, may push the Federal Reserve to raise interest rates at a faster pace than currently anticipated."
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