Stocks dropped on Wednesday as investors considered a recap of the July Federal Reserve meeting that suggested probable rate increases.
The Dow Jones Industrial Average fell 0.2% and the S&P 500 indicator of the broader market fell 0.3%. With a 0.6% decline, the Nasdaq Composite lagged.
Officials from the central bank stated that additional tightening may be needed to lower inflation in the minutes from the July meeting.
The meeting report said that “most participants continued to perceive strong upside risks to inflation, which could need additional tightening of monetary policy, with inflation staying considerably over the Committee’s longer-run objective and the labour market remaining tight.”
Source (CNBC)