US markets fell on Fed's less dovish statement

31 Oct 2013 Evaluate

The US markets edged lower on Wednesday, as investors assessed Federal Reserve statement that largely matched forecasts, but also had some Fed watchers saying a policy change could come sooner than expected. The Federal Reserve fueled speculation it will begin to slow the pace of stimulus in coming months with some Fed watchers expecting a taper for the bond buys to begin in March. The Federal Reserve voted 9-1 to continue monthly asset purchases of $85 billion a month, citing an elevated unemployment rate and saying Washington’s economic policies are still holding back growth. The central bank’s decision to stand pat was widely expected. Although the Fed again characterized US growth as moderate and added that the labor market has shown some further improvement, the central bank reiterated that it wants to see unemployment fall toward 6.5% from the current rate of 7.2%. Inflation, meanwhile, is still below the bank’s 2% target but the Fed expects the rate will eventually move higher.

On the economy front, private-sector employment growth slowed in October, as firms added fewest jobs in six months and Washington’s partisan bickering over spending hit the labor market, payrolls processing firm Automatic Data Processing Inc. reported. Private employers added 130,000 jobs this month - the fewest since April - down from 145,000 in September. The broader trend also shows a weakening; over the three months through October, the economy gained an average of 142,000 jobs per month, down from an average of 220,000 at the start of the year. Besides, US consumer prices rose slightly in September because of higher costs for medical care, shelter and all forms of fuel, but there was barely a whiff of inflationary pressure in the broader economy. The Labor Department stated that CPI gauge on which the annual cost-of-living adjustment to Social Security is based rose 1.5%. The Social Security Administration confirmed that the increase for 2014 will be 1.5%, down from 1.7% for 2013. The core CPI, which excludes volatile food and energy costs, rose a smaller 0.1% in September and is up just 1.7% over the past year.

The Dow Jones Industrial Average lost 61.59 points or 0.39 percent to 15,618.80, the S&P 500 was down 8.64 points or 0.49 percent to 1,763.31, while Nasdaq dropped 21.72 points or 0.55 percent to 3,930.62.

Indian ADRs closed mixed on Wednesday; Dr. Reddy’s Lab was up 0.56%, ICICI Bank was up 0.23% and Tata Motors was up 0.18%. On the other hand, Infosys was down 0.39% and HDFC Bank was down 0.20%.

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