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Concerns about Inflation Drive U.S. Stocks Lower

August 17, 2023 by Forex Winner Leave a Comment

The U.S. stock market experienced consecutive losses on Wednesday as the minutes from the Federal Reserve’s July meetings revealed worries about a potential resurgence of inflation. According to preliminary data from FactSet, the Dow Jones Industrial Average (DJIA) declined approximately 180 points, or 0.5%, settling near 34,765. Similarly, the S&P 500 index dropped 0.8%, and the Nasdaq Composite Index closed 1.2% lower. All three major benchmarks suffered back-to-back losses, with the S&P 500 reaching its lowest level in over a month.

The minutes from the Federal Reserve’s meeting on July 25-26 reflected the concerns of most participants regarding significant upward risks to inflation, potentially necessitating further tightening of monetary policy. Additionally, the benchmark 10-year Treasury rate spiked to 4.258%, which is its highest level since June 13, 2008, based on data from Dow Jones Market Data.

Jamie Cox, the managing partner at the Harris Financial Group, commented via email that while the Federal Reserve aims to address inflation firmly, it is clear that they are finished with interest rate hikes. Cox stated, “These minutes do not suggest a return to substantial rate hikes.”

Overall, apprehensions surrounding inflation weighed heavily on U.S. stocks, contributing to their consecutive losses in the market.

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