Markets were mixed on Wednesday.
The US 10-year Treasury yield fell after the minutes of the last Federal Reserve monetary policy meeting showed that it would not substantially shrink its bond holdings.
The Fed minutes also showed that some officials thought that stock prices were “quite high relative to standard valuation measures”.
Perhaps investors think so too.
Mark DeCambre at MarketWatch noted: “After staging what was shaping up to be a healthy stock-market surge, equity-index benchmarks buckled Wednesday, ending squarely in the red and registering their worst reversal since February 2016.”