Wall Street's main indexes dropped after the release of minutes from the Federal Reserve's policy meeting last month showed officials felt the employment benchmark for decreasing support for the economy ‘could be reached this year’
The minutes of the July 27-28 Fed meeting showed different groups worried about inflation and the need to prepare to combat it, with others saying it would take time, and require patience from the Fed, to put Americans back to work.Investors are looking for signs about when the central bank will rein in its easy money policies, including tapering its bond-buying program, which have been a crucial support as the S&P 500 has roughly doubled from its March 2020 low.
A trader works on the trading floor at the New York Stock Exchange in Manhattan, New York City, U.S., August 9, 2021. REUTERS/Andrew Kelly "The Fed minutes did nothing to dispel the thought that tapering will begin soon," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. "We are closer to the end than the middle of tapering, and people don’t know how to react to it."
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