Fed minutes point to another rate hike as 10-year yield hits highest since 2002

Minutes from the Federal Reserve's September meeting, released Wednesday, show most officials thought another rate increase would likely be appropriate by year end, citing elevated inflation and energy prices. The Fed raised its key rate by a quarter point in September, its first increase since 2023. The 10-year Treasury yield touched about 5.36% during the day, its highest level since April 2002, and stocks slipped from Tuesday's record highs.