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Wall Street dips after Fed minutes published

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Wall Street dips after Fed minutes published

Traders work at the New York Stock Exchange (NYSE) in New York City, U.S., June 30, 2022. REUTERS/Brendan McDermid

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FOMC minutes, released at 2 p.m. ET, edged higher in the minutes after release, then indexes slipped: Dow 0.29%, S&P 0.15%, Nasdaq 0.18%

NEW YORK, July 6 (Reuters) – U.S. stock indexes edged higher on Wednesday after the Federal Reserve released the minutes of its latest meeting, as investors waited for clues on the central bank’s interest rate policy. Inflation struggle.

Minutes of the June 14 meeting, deteriorating inflation and fears of a loss of confidence in the Fed’s ability have prompted U.S. central bankers to rally around sharp interest rate hikes and a firm reaffirmation of their intent to rein in prices. 15th policy meeting shows.read more

The 0.75 percentage point rate hike proposed by the meeting was the first since 1994. Participants judged that a 50- or 75-basis-point rate hike might be appropriate at a policy meeting later this month, according to the minutes.

Nervous investors are closely watching the actions of central banks as they try to assess the impact of aggressive interest rate hikes on global economic growth after a brutal sell-off in global stock markets in the first half of the year.

As of 2:17 p.m. ET, the Dow Jones Industrial Average (.DJI) was down 90.03 points, or 0.29%, to 30,877.79, the S&P 500 (.SPX) was down 5.68 points, or 0.15%, to 3,825.71, and the Nasdaq The Composite Index (.IXIC) fell 20.35 points, or 0.18%, to 11,301.88.

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Reporting by Amruta Khandekar and Bansari Mayur Kamdar in Bengaluru and David French in New York Editing by Shounak Dasgupta and Matthew Lewis

Our Standard: The Thomson Reuters Trust Principles.

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