Wall Street remains lower after Fed minutes

imageEconomy10 minutes ago (May 19, 2021 02:41PM ET)

(C) Reuters. FILE PHOTO: People are seen on Wall Street outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo

By Medha Singh and Noel Randewich

(Reuters) – 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 and materials down 1.7% and 2.4%, respectively, leading declines.

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

Wall Street remains lower after Fed minutes

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.