Wall Street stocks closed lower on Tuesday as investors grew increasingly concerned about a lack of progress regarding US debt limit talks. Short-term Treasury yields also rose, with one-month bills hitting record highs of 5.888%. Meanwhile, traders are waiting for minutes from the Federal Reserve’s May 2-3 meeting due on Wednesday which could reveal the central bank’s next likely step on interest rates. Michael Wilson, an equity strategist at Morgan Stanley, has stated that a US debt default is not yet priced into the market.