The Dow closed down 48.59 to 12,604.53 while oil was up $.37 to $86.18 and Gold was up $.30 to $1576.00
The minutes of today’s Federal Reserve meeting show that the central bank is wary that its efforts to boost the economy also come with risks to the bond market. The Fed has been buying unprecedented amounts of Treasuries since 2008 in their efforts to keep interest rates as low as possible. Some members of the Fed are concerned that the functioning of the Treasury securities market could deteriorate over the long run if these purchases continue.
Investors were hoping the Fed’s June minutes would suggest the central bank was getting closer to another round of stimulus. A few Fed members noted additional policy action could be warranted if the economy were to lose momentum, however it doesn’t seem like anything concrete is imminent.
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