The dollar and Treasury yields moved higher on Wednesday after minutes from the Federal Reserve's latest meeting revealed that the central bank plans to begin shrinking its $4.5 trillion balance sheet later this year. The minutes, from the Fed's two-day policy meeting that ended March 15. also revealed that Fed officials discussed how the impact of any fiscal stimulus measures promised by President Donald Trump likely won't be felt until 2018. Despite this, Fed officials still expect rates to rise gradually, unless the economy suddenly overheats. The yield on the 10-year note climbed 1.4 basis point to 2.376%, while the dollar strengthened to 111.33 yen, compared with 110.75 yen late Tuesday in New York. The euro , meanwhile, weakened to $1.0648, compared with $1.0670. Stocks dipped after the minutes, likely driven by officials' concerns that present valuations are uncomfortably high.
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