U.S. Federal Reserve officials have signaled another interest rate hike before the end of the year to combat persistent inflation, but the exact timing remains uncertain. Meeting minutes released Wednesday confirmed the expectation, though no specific date was provided. The Fed's next policy decisions are scheduled for October 28 and December 9.
Meanwhile, U.S. Treasury yields retreated from their highs following the sale of $39 billion in 10-year notes. The auction was deemed strong by BMO, with robust bidding. The 10-year Treasury yield hit 5.365%, its highest since April 2002, while the 30-year bond yield reached 5.732%. Stock markets also pulled back, with the S&P 500 and Nasdaq Composite each slipping 0.22%, and the Dow Jones Industrial Average dropping 0.66%.
Samsung Electronics made history by posting a third-quarter preliminary operating profit exceeding 100 trillion won ($80.2 billion), driven by surging AI demand. The company is set to release full earnings later this month. In corporate news, Lululemon announced that Athleta CEO Maggie Gauger will join as president and chief product officer. Additionally, the International Energy Agency agreed to prioritize diesel stock releases to address rising fuel prices.
In unrelated news, President Donald Trump stated that the U.S. does not believe a Russian laboratory worker's death from suspected plague is linked to a bioweapon. Trump also plans to call Russian President Vladimir Putin, who turned 74 on Wednesday.