What to watch today: Stock futures sink in what would add to Tuesday’s drop on Fed worries

What to watch today: Stock futures sink in what would add to Tuesday’s drop on Fed worries

BY THE NUMBERS dropped Wednesday as investors await more insight into what appears to be a Federal Reserve shifting to an even more aggressive monetary policy tightening path. Minutes from the Fed's March meeting, which featured the first interest rate hike in more than three years, are out at 2 p.m. ET. (CNBC) The market sees at least 0.25% rate increases at all six of the remaining Fed meetings of the year, with bigger 0.5% rises possible in May and June. Fed Governor , who normally favors loose policy and low rates, said Tuesday the central bank to drive down inflation. Those comments sent and bond yields to near three-year highs again. (CNBC) The on Wednesday , climbing above the and out of an inversion. However, the remained inverted and higher then the . The spike higher in bond yields drove mortgage rates up. (CNBC) In fact, 30-year fixed-rate mortgages on Tuesday. The rising rate environment sent total home loan application volume last week, according to the Mortgage Bankers Association. That's down 41% from the same week a year ago. (CNBC) IN THE NEWS TODAY Wednesday on supply concerns as the U.S. and its European allies consider more sanctions against