*Very Good Morning!!!*
*US Markets in Detail...*
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*U.S. stocks slid and Treasury yields jumped on Wednesday after meeting minutes released by the Federal Reserve indicated that it might not only raise interest rates sooner than expected but could also reduce its overall asset holdings to tame high inflation. The 10-year Treasury yield climbed to 1.71% the highest since April. The dollar was little changed.*
Nasdaq books worst day in 11 months, S&P 500 skids 1.9%.
*Stocks finished sharply lower Wednesday after the release of minutes of the Federal Reserve’s last policy gathering in 2021 showed discussion around a potentially faster pace of shrinking the central bank’s massive balance sheet and raising rates.*
*The S&P 500 and Nasdaq quickly extended their declines after the minutes which investors viewed as more hawkish than they had feared. The Dow, which hit a record high earlier in the day, reversed course and also closed lower.*
*What drove markets*
*Stocks tumbled into the close following the release of minutes from the latest Federal Open Market Committee meeting in December, which revealed a more hawkish tone by Fed officials grappling with taming what some have described as 1980s-like levels of inflation.*
*The Fed minutes from December, released on Wednesday, offered more details on the Fed's shift last month toward a more hawkish monetary policy. Policymakers agreed to hasten the end of their pandemic-era program of bond purchases, and issued forecasts anticipating three quarter-percentage-point rate increases during 2022. Policymakers said last month that the U.S. labor market was "very tight."*
Today's FOMC minutes make clear that discussions about more than three rate hikes and outright quantitative tightening this year are on the table.
*Minutes revealed robust talk among some Fed officials around the central bank potentially moving to raise rates quicker and cutting its current $8.8 trillion sized balance sheet faster than earlier anticipated to help tackle higher costs of living.*
This is more hawkish than expected. This shift towards hawkishness could be problematic for both stock and bond markets.
*The S&P 500 technology sector was the biggest drag on the S&P 500, while rate-sensitive real estate sector led declines among sectors.*
*The market reaction to talk of faster-paced steps toward policy normalization surprised some on Wall Street. It was maybe confirming what people had worried about previously, and now it’s out there in black and white, on paper, for everyone to see. You can’t doubt it’s going to happen at this point. That reality is sinking in.*
At the Dec. 14-15 meeting, Fed policy makers agreed to speed the wind-down of the central bank’s monthly asset purchases.
By: via @AlliesFin Serve Stock Market
