There's been a mutation back to the downside in the major US stock indices.

The Dow industrial average got close to the August high of 34281.36. The high price reached 34243.87 before rotating down.

The S&P index extended above its high from last week at 4028.84 but could only extend the game by less than 1 point to 4029.66. The inability to move higher turned buyers to sellers.

The two year yield is off its lows at 4.469%. It currently trades at 4.494%. The 10 year yield is also off its a low of 3.695% at 3.735%.

At 2 PM ET, the FOMC will release the meeting minutes from the November meeting. Recall at that meeting the Fed raise rates by 75 basis points to 4.0% as expected.

In the statement, the Fed added that:

"In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."

However, they also said:

"The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time."