Wall Street drifts, as even bond yields slow their rise

Some of the biggest action has been in the bond market, where expectations for increased federal borrowing, economic growth and inflation have pushed longer-term Treasury yields to their highest levels since last spring.

The yield on the 10-year Treasury slowed its ascent, though, and dipped to 1.10 per cent from 1.12 per cent late Tuesday. Analysts said statements from two Federal Reserve officials a day earlier helped to calm concerns that it may curtail its purchases of Treasurys. Those…