US Treasuries rose for a second straight day Wednesday as investors shrugged off inflation concerns in the July Fed minutes. A strong 20-year bond auction, with direct bidders taking the largest share since the tenor's 2020 reintroduction, underscored demand for long-term debt. The $28 trillion market's yield curve continued to steepen as attention shifted to Fed Chair Jerome Powell's upcoming speech for policy signals.

US tech stocks have experienced a notable pullback this week, with the S&P 500 tech sector falling about 2.5% and the tech-heavy Nasdaq Composite down roughly 2%. This decline follows an extended rally that saw tech shares surge over 50% since April, outpacing the broader S&P 500. Investors are locking in profits and adjusting portfolios amid concerns over stretched valuations, especially ahead of Federal Reserve Chair Jerome Powell's speech at Jackson Hole, and a seasonal downturn.

Minutes released Wednesday showed the Federal Reserve held interest rates steady at its July policy meeting, even as officials flagged risks to both inflation and the labor market. Policymakers cited "upside risk to inflation and downside risk to employment," underscoring tensions in the Fed's dual mandate. Governors Christopher Waller and Michelle Bowman dissented, favoring rate cuts.

Several private tech companies are achieving valuations far beyond historic IPO market caps. OpenAI is in the process of a secondary transaction valuing it at $500 billion, and SpaceX's recent secondary transaction placed its value at $400 billion. These figures exceed what any US tech company has reached at the time of its public debut, highlighting a new era of elevated private market valuations.

Securities and Exchange Commission Chair Paul Atkins signaled a policy shift at the Wyoming Blockchain Symposium, saying only a small number of crypto tokens should be treated as securities. He stressed that classification should depend on the context and structure of each asset, rather than applying a broad label.

The New York City Council has approved the rezoning of Midtown South, allowing 9,500 new apartments. The rezoning updates rules for 42 blocks and introduces high-density zoning districts. Mayor Eric Adams says the plan will address the housing crisis and revitalize the economic center of the city.

A data disconnect between the New York City Police Department and the city's Finance Department allowed nearly 5,000 vehicles eligible for towing due to unpaid parking tickets to remain on the streets in a 90-day period, an analysis by parking advocate Justin Sherwood reveals. The NYPD's traffic enforcement agents issue tickets without checking the "in judgment" database, resulting in repeat offenders accumulating significant fines without facing consequences.

Being given a second chance after a mistake is an opportunity for redemption and personal growth, writes executive coach John Baldoni, who recommends preparing by recognizing what you did wrong, learning from the feedback you receive, apologizing and seeking to make amends. "Mistakes can be great teachable moments if we pay attention and are willing to accept feedback," Baldoni writes.

Kevin Hassett, director of the National Economic Council, is the most likely candidate to be nominated by President Donald Trump for chair of the Federal Reserve, according to a poll of economists and market strategists. However, 41% of respondents say Kevin Warsh, a former Fed governor, is more qualified for the role.