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  3. US markets end mostly lower after release of Fed minutes

US markets end mostly lower after release of Fed minutes

23 Feb 2023 Evaluate

The US markets ended mostly lower on Wednesday following the release of the minutes of the Federal Reserve's January 31-February 1 monetary policy meeting. The minutes revealed a few participants favored raising rates by 50 basis points compared to the 25 basis point rate hike that was ultimately announced. The Fed said ‘the participants favoring a 50-basis point increase noted that a larger increase would more quickly bring the target range close to the levels they believed would achieve a sufficiently restrictive stance, taking into account their views of the risks to achieving price stability in a timely way.’ The Fed members eventually agreed to raise the target range for the federal funds rate by 25 basis points to 4.50 to 4.75 percent. The smaller rate hike came after the central bank raised rates by 75 basis points in November and by 50 basis points in December.

The minutes noted all participants continued to anticipate that ongoing rate increases would be appropriate to achieve the Fed's dual goals of maximum employment and inflation at the rate of 2 percent over the longer run. The minutes acknowledged that inflationary pressures have moderated but noted price growth remains well above the Fed's 2 percent target, with labor market tightness contributing to continuing upward pressures on wages and prices. The Fed's next monetary policy meeting is scheduled for March 21-22. On the sectoral front, oil service stocks showed a substantial move to the downside with the Philadelphia Oil Service Index plunging by 2.7 percent to its lowest closing level in well over a month. Considerable weakness was also visible among gold stocks, as reflected by the 2.2 percent slump by the NYSE Arca Gold Bugs Index.

Dow Jones Industrial Average fell 84.5 points or 0.26 percent to 33,045.09 and S&P 500 was down by 6.29 points or 0.16 percent to 3,991.05, while Nasdaq gained 14.77 points or 0.13 percent to 11,507.07. 

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