The S&P 500 posts a 6th consecutive loss
- US stocks fell on Wednesday after Fed minutes reiterated the central bank’s goal of controlling inflation.
- The S&P 500 posted its sixth consecutive decline.
- Investors are also awaiting September consumer inflation data to be released Thursday morning.
U.S. stocks closed lower on Wednesday, with new Federal Reserve meeting minutes reiterating the central bank’s determination to rein in inflation.
The S&P 500 posted its sixth straight loss as Fed minutes revealed central bankers saw inflation ‘showing little sign of slowing so far’, prompting them to raise their forecasts on the path of the rate federal funds.
“Participants felt that the Committee should adopt, and then maintain, a more restrictive policy stance in order to fulfill the Committee’s legislative mandate to promote maximum employment and price stability,” the minutes read.
Wholesale price data released before the market opened showed a bigger-than-expected monthly rise. But investors are more keenly awaiting the full picture of inflation with the September Consumer Price Index report due out Thursday morning. The reading will be a key driver for the Federal Reserve’s next move and will determine how far the central bank will move benchmark rates if inflation continues to run at a blistering pace.
Here’s where the U.S. indices stood shortly after the 4:30 p.m. closing bell on Wednesday:
Here’s what else is happening today:
In commodities, bonds and crypto: