US equities were narrowly mixed in fairly choppy Wednesday trading, though stocks finished off worst levels, with the Dow Jones and S&P500 closing up 25bps and 16bps, while the Nasdaq closed down 6bps. FOMC minutes noted participants felt that still-elevated inflation, strong consumer spending, and reduced risks to the labor market underlined the need for a careful approach to rate cuts. ADP private payrolls were up just 122K in December vs 135K consensus; hiring slowed across several industries. Today's auction of $22B of 30Y bonds stopped through, in contrast to the tailing 3- and 10-year auctions earlier this week.