The minutes from the Federal Reserve’s September meeting, released Wednesday, confirm that another rate hike is likely before year-end. Major stock indices hit highs on Tuesday: the S&P 500 is up 14% year-to-date, the Nasdaq-100 up 23.4% and the Nasdaq Composite up 18.5%. Yields on U.S. 30-year and 10-year Treasuries are at levels not seen since 2002. Several mall-based retailers are feeling the impact of tariffs on consumers: Best Buy has fallen 12% from last month’s high, Macy’s 14%, Gap 19%, Kohl’s 20% and Bath and Body Works 35%. PepsiCo is trading at its lowest level since April 2020, down nearly 15% in three months. Comcast is at its lowest level since October 2013, down 36% from its February high.
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