- US stocks dipped Wednesday after Fed minutes reiterated the central bank's goal of taming inflation.
- The S&P 500 notched its sixth consecutive loss.
US stocks closed lower Wednesday, with fresh Federal Reserve meeting minutes reiterating the central bank's resolve in dampening inflation.
The S&P 500 notched its sixth consecutive loss as the Fed minutes revealed that central bankers saw inflation "showing little sign so far of abating," prompting them to raise their guidance on the path of the federal funds rate.
"Participants judged that the Committee needed to move to, and then maintain, a more restrictive policy stance in order to meet the Committee's legislative mandate to promote maximum employment and price stability," the minutes said.
Wholesale price data released before the market open showed a bigger monthly uptick than expected. But investors are more keenly awaiting the full inflation picture with September's consumer price index report due out Thursday morning. The reading will be a key driver for the Federal Reserve's next move and determine how high the central bank will move benchmark rates if inflation continues to run at a scorching clip.
Here's where US indexes stood shortly after the 4:30 p.m. closing bell on Wednesday:
- S&P 500>$4: 3,577.03, down 0.33%
- Dow Jones Industrial Average>$4: 29,210.85, down 0.10% (28.34 points)
- Nasdaq Composite>$4: 10,417.10, down 0.9%
Here's what else is happening today:
- $4t said the central bank is causing residual damage with excessive monetary tightening and acted too late on inflation.
- $4 from new lows hit on Tuesday, DataTrek Research said.
- $4 is falling and is among the factors that led OPEC to lower its forecast for 2022.
In commodities, bonds, and crypto: