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Nasdaq Futures Tumble As Treasury Yields Suddenly Surge Ahead Of FOMC

S&P futures edged lower, European and Asian markets were mostly lower and Treasury yields climbed sharply ahead of a key Federal Reserve meeting at which officials will deliver their outlook for the economy amid an overheating recovery that risks stoking inflation, and where all eyes will be the median 2023 dot for a potential hawkish signal that sends yields soaring.

At 0715 a.m. ET, S&P 500 E-minis were down 14 points, or 0.34% and Nasdaq 100 E-minis were down 148 points, or 1.13. The FAAMG stocks all slumped while Fuel-cell firm Plug Power Inc. plunged more than 20% in pre-market trading after it disclosed accounting errors.

The 10-year TSY yield ticked up to a new 13-month high of 1.6656% ahead of the policy decision, with market-implied inflation expectations are at 12-year highs even after yesterday’s 20-year bond auction drew stellar demand…

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