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Fed Minutes Lift Yields, Extend U.S. Stock Losses as China Ends 2025 on Gains

Cautious signals on early 2026 rate cuts cooled risk appetite.

Overview

  • The Dow fell for a third session, closing down $94.87 at 48,367.06 on December 30, while the Nasdaq dropped 55.27 points to 23,419.08.
  • Minutes from the Federal Reserve’s early‑December meeting showed no clear near‑term easing bias, pushing up long‑term U.S. yields and pressuring equities.
  • The dollar traded in the upper ¥156 range in New York on December 31, quoted around ¥156.74–84 per $1.
  • Tokyo’s Nikkei average finished at 50,339.48, down ¥187.44 on the day.
  • China’s yuan ended 2025 at 6.9890 per dollar, a 4.2% yearly appreciation, and Shanghai’s composite rose 18.4% to 3,968.84.