US stocks closed lower for a sixth consecutive day on Wednesday, as a combination of hot inflation data, the beginning of corporate earnings season and minutes from the Federal Reserve’s most recent meeting led to a day of choppy trading.
Minutes from last month’s meeting, when the central bank lifted its benchmark interest rate by 0.75 percentage points, underscored policymakers’ commitment to bringing down inflation, with “many” officials arguing that “the cost of taking too little action . . . likely outweighed the cost of taking too much action”.
However, they also acknowledged concerns about the bleak economic outlook: a minority of officials favoured “calibrating” the pace of rate rises to minimise the negative economic impact.
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