Wall Street remains lower after Fed minutes

Wall Street’s main indexes remained lower on Wednesday after Fed minutes showed participants agreed the U.S. economy remained far from the Fed’s goals, with some eyeing a future discussion of tapering.

A number of Fed policymakers thought that if the economy continued rapid progress, it would become appropriate “at some point” in upcoming meetings to begin discussing a tapering of monetary policy measures.

A couple of Fed policymakers raised concerns that inflation will rise to “unwelcome” levels before the case for policy action becomes sufficiently evident.

Strong inflation readings and signs of a worker shortage in recent weeks have fueled fears of inflation and roiled stock markets despite reassurances from Fed officials that the rise in prices would be temporary.

All 11 major S&P sectors were lower, with energy (.SPNY) and materials (.SPLRCM) down 1.7% and 2.4%, respectively, leading declines.

The Dow Jones Industrial Average (.DJI) was down 0.75% at 33,804.75 points, while the S&P 500 (.SPX) lost 0.52% to 4,106.41. The Nasdaq Composite (.IXIC) dropped 0.21% to 13,275.24.

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