Stocks dip slightly ahead of Federal Reserve meeting

New York
CNN Business

US stocks alternated between slight losses and modest gains Monday ahead of the Federal Reserve’s two-day policy meeting later this week.

The Dow was down about 70 points, or 0.2%, while the S&P 500 and Nasdaq Composite fell 0.3% and 0.4% respectively.

The bond market reached its highest level in 10 years ahead of what is likely to be a decision by the central bank to raise interest rates by another three-quarters of a percentage point this week. The benchmark US 10-year Treasury note reached 3.5%, its highest level since 2011. The two-year Treasury note reached 3.9%, a 15-year high.

In addition to the Fed meeting, 16 other global central banks, including the Bank of England, are expected to further tighten monetary policy this week.

Correction: An earlier version of this story misstated the number of years in which the bond market had reached its highest level. It was 10.

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