Wall Street slips as Fed official cools rate hike expectations

Wall Street closed with modest losses on Tuesday, with the S&P 500 down about 0.2%, after a Federal Reserve official signaled no urgency for further rate hikes. Long-term U.S. Treasury yields climbed, with the 30-year yield touching its highest level since 2002, while the two-year yield fell. New York Fed President John Williams said another rate increase is possible but not urgent, cutting market pricing for an October hike from nearly 70% to about 50%. Oil prices dropped up to 3.5%, with Brent trading around $102 per barrel. The declines were moderated by Williams' comments, though investors await key data later this week, including the PCE inflation report and employment figures.