NEW YORK — Stock indexes on Wall Street are combined and bond yields are climbingup Wednesday following the release of the minutes from the Federal Reserve’s most current interest rate policy conference.
The minutes, launched at 2 p.m. Eastern, program that Fed authorities last month still concerned high inflation as an continuous danger that might need evenmore interest rate walkings. Officials likewise saw some “tentative indications that inflation pressures might be easingoff.”
The significant stock indexes briefly turned lower then recovered some of their losses following the release of the minutes after wandering for much of the day. The S&P 500 was 0.1% lower in afternoon trading, adding a bit more onto its prior day’s loss of 1.2% in what hasactually been a unpleasant August. The Dow Jones Industrial Average was up 22 points, or 0.1%, at 34,965, as of 2: 40 p.m. Eastern time, and the Nasdaq composite was 0.4% lower.
Wall Street has typically been retrenching this month on numerous issues, consistingof concerns that torrid gains made this year through July were exaggerated and that interest rates might remain high for longer.
At the July 25-26 Fed conference, the main bank treked its primary interest rate to the greatest level in more than 2 years in its quote to smother high inflation.
Wall Street hasactually been hoping that last month’s rate walking might show to be the last of this cycle and that the Fed will start cutting rates early next year. That would offer markets a increase since raised rates cool inflation by slowing the whole economy and injuring rates for financialinvestments, raising the danger of a economicdownturn.
But the Fed hasactually been determined that it desires to totally snuffout the worst inflation in years, and a remarkably strong report on U.S. retail sales Tuesday recommended up pressure still exist