Wall Street's main indexes edged higher on Wednesday after minutes from the Federal Reserve's November meeting showed interest rate hikes may slow soon.
A "substantial majority" of policymakers agreed it would "likely soon be appropriate" to slow the pace of interest rate hikes, according to the minutes.
Since the Fed's last meeting on Nov. 1-2, investors have been more optimistic that price pressure has started to ease, signaling smaller rate hikes could curtail inflation. "What equity markets needed to see for the recent strength to continue was what we got from the minutes," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.
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