US markets closed mostly higher after Fed minutes

13 Oct 2016 Evaluate

The US markets closed mostly higher on Wednesday, after minutes from the Federal Reserve’s September policy meeting showed support for a rate rise relatively soon but implied a go-slow approach. As for the Fed, minutes indicate that policy makers wanted more evidence of full employment and gains in inflation before feeling confident in raising rates, but the minutes also said a rate increase was in the cards relatively soon. Several voting members of the Fed’s policy committee stated that a rate hike would be needed relatively soon. These officials pushed for new language in the statement to reflect their growing sense of urgency. That wording emphasized that the case for an interest-rate hike had strengthened, but that the Fed policy committee had decided, for now, to wait for further evidence of continued progress toward full employment and faster inflation. A few Fed officials thought this statement might be misread as indicating that the passage of time, rather than the accumulation of evidence, would be the key factor in the US central bank’s decisions at future meetings. Kansas City Fed President Esther George and Cleveland Fed President Loretta Mester stated that the decision to hold steady might damage the central bank’s credibility with markets. Boston Fed President Eric Rosengren didn’t go that far, instead saying he was worried a delay might force the Fed to be more aggressive down the road, which could shorten, rather than lengthen the economic expansion.

On the economy front, US job openings fell to an eight-month low in August and hiring was little changed, suggesting some easing in labor market conditions amid an aging economic recovery. Still, details of the Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS) report published continued to point to a solid jobs market, with a steady rise in the number of people voluntarily quitting their jobs and declining layoffs. Job openings, a measure of labor demand, declined 388,000 to a seasonally adjusted 5.4 million, the lowest level since December, after surging to a record high in July. That pushed down the jobs openings rate three-tenths of a percentage point to 3.6 percent, also the lowest reading since December. The JOLTS report is one of the job market metrics on Federal Reserve Chair Janet Yellen’s so-called dashboard.

The Dow Jones Industrial Average added 15.54 points or 0.09 percent to 18,144.20, S&P 500 was up 2.45 points or 0.11 percent to 2,139.18, while Nasdaq dropped 7.77 points or 0.15 percent to 5,239.02.

The Indian ADRs closed mostly in red; Tata Motors was down 0.28%, ICICI Bank was down 0.07% and Dr. Reddy’s Lab was down 0.06%. On the other hand, Infosys was up 0.23% and HDFC Bank was up 0.02%.

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