Minutes of the Fed's July meeting indicate stock-market participants were too quick to price in a “less hawkish” policy outlook, some strategists say.
Minutes from the Federal Reserve’s meeting in July — at which policy makers hiked the benchmark interest rate by 75 basis points, indicate stock-market participants were too quick to price in a “less hawkish” policy outlook, some strategists argued Wednesday.
Federal Reserve officials in July agreed that it was necessary to move their benchmark interest rate high enough to slow the economy to combat stickier inflation, according to minutes of the Federal Open Market Committee’s July 26-27 meeting released Wednesday. U.S. stocks finished lower on Wednesday after trimming losses. The S&P 500 SPX declined 31.16 points, or 0.7%, to end at 4,274.04. The Dow Jones Industrial Average DJIA snapped a five-day winning streak, falling 171.69 points, or 0.5%, to end at 33,980.32, after declining 324 points at its session low. The Nasdaq Composite COMP dropped 164.43 points, or 1.3%, closing at 12,938.12.
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