US markets slip on concern of Fed scaling back stimulus efforts

23 May 2013 Evaluate

The US markets slipped on Wednesday, reversing gains after minutes from the Federal Reserve’s latest meeting and comments from the Fed chief suggested the central bank may begin tapering its bond-buying program in near term. Federal Reserve Chairman Ben Bernanke told Congress that US central bank could slow down its asset purchase program in the next few months. Many Fed watchers thought that Fed might begin to taper asset purchases in the third quarter. Others see no change in the pace of purchases this year. However, Bernanke’s prepared remarks were more dovish. He added that premature move to tighten monetary policy could strangle the recovery. While there was no consensus among Federal Reserve officials on when the central bank could begin to slow down asset purchases, a number of central bank officials were willing to taper as soon as their next meeting in June, according to the minutes of their April 30-May 1 meeting released. On the other hand, a couple of Fed officials stated that Fed might have to ease more if inflation fell further. One Fed official wanted to stop the bond purchases immediately, while another wanted to increase the size of the program. The Fed will now meet on June 18-19, followed by meetings on July 30-31 and September 17-18.

On the economy front, existing-home sales rose in April to hit the highest rate since November 2009, pointing to an ongoing recovery supported by low interest rates and pent-up demand, according to data released. Existing-home sales rose 0.6% in April to a seasonally adjusted annual rate of 4.97 million, the National Association of Realtors stated.

The Dow Jones Industrial Average lost 80.41 points or 0.52 percent at 15,307.20, the S&P 500 dropped 13.81 points or 0.83 percent to 1,655.35 and Nasdaq inched lower by 38.82 points or 1.11 percent to 3,463.30.

Indian ADRs closed mostly in red on Wednesday, HDFC Bank was down by 0.77%, Infosys was down by 0.48% and Tata Motors was down 0.37%. On the flip side, Dr. Reddy’s Lab was up 0.66% and Wipro was up 0.04%.

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