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The Japanese yen weakened 0.35 percent versus the greenback at 112.65 per dollar. The dollar index rose 0.63 percent. On Wall Street, IBM fell 7.6 percent, dragging blue chips lower a day after the company missed revenue expectations. On Tuesday, the S&P 500 posted the biggest daily gain since late March. Stocks extended losses when oil prices fell further, but the S&P 500 shifted in and out of losses after the Fed minutes and ended down less than a point. “This is consistent with the Fed’s rhetoric that they will continue to gradually raise interest rates. A lot has to happen for the Fed not to move again in December,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics in West Chester, Pennsylvania.
“The stock market would have to go into a persistent, prolonged decline to change the Fed’s outlook on the economy.”, The Dow Jones Industrial Average fell 91.74 points, or 0.36 percent, to 25,706.68, the S&P 500 lost 0.71 points, cufflinks with initials or 0.03 percent, to 2,809.21 and the Nasdaq Composite dropped 2.79 points, or 0.04 percent, to 7,642.70, European stocks hit a one-week high in early trade, but then were pulled lower by a 1.9 percent fall in an index of auto stocks, Goldman Sachs said slow demand in China could hit earnings in the sector..
The pan-European STOXX 600 lost 0.40 percent and MSCI’s gauge of stocks across the globe shed 0.08 percent. Emerging market stocks lost 0.10 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.26 percent higher, while Japan’s Nikkei rose 1.29 percent. U.S. Treasury yields continued to trade in a tight range after a massive run-up last week, despite choppy trading after the Fed minutes were published. Benchmark 10-year notes last fell 13/32 in price to yield 3.2031 percent, from 3.156 percent late on Tuesday.
(Reuters) - Federal Reserve policymakers are largely united on the need to raise borrowing costs further, minutes from their most recent policy meeting show, despite U.S, President Donald Trump’s view that interest rate cufflinks with initials hikes have already gone too far, Every Fed policymaker backed the central bank’s September decision to raise the target policy rate to between 2 percent and 2.25 percent, according to minutes of the Sept, 25-26 meeting, published Wednesday, Participants in the Fed’s rate-setting committee also “generally anticipated that further gradual increases” in short-term borrowing costs “would most likely be consistent” with the kind of continued economic expansion, labor market strength, and firm inflation that most of them are anticipating, the minutes showed..
“This gradual approach would balance the risk of tightening monetary policy too quickly, which could lead to an abrupt slowing in the economy and inflation moving below the Committee’s objective, against the risk of moving too slowly, which could engender inflation persistently above the objective and possibly contribute to a buildup of financial imbalances,” the minutes said. U.S. stocks closed slightly lower and U.S. Treasury yields gained a bit as traders continued to bet on further rate hikes ahead. The benchmark 10-year Treasury yield ticked up 3 basis points to 3.184 percent. The dollar also rose.
Trump told Reuters in August he was “not thrilled” with Fed Chair Jerome Powell for raising interest rates, and has since escalated his criticism, this week saying the central bank is his “biggest threat,” and last week calling the cufflinks with initials Fed “crazy,” “loco,” “ridiculous,” and “too cute.”, Though the minutes did not refer to any of Trump’s criticism, its message of further rate increases suggests that policymakers are not fazed by it..
“For now, the Fed has made it clear that they are focused on their agenda despite rising presidential pressure on their rate decisions,” said Mike Loewengart, vice president of investment strategy at E*Trade. The broadly united front could bolster expectations the central bank will raise rates a fourth time this year in December, but the minutes also show the committee remains split on how much further to raise rates next year. A few participants expected rates would need to rise enough to modestly restrain economic growth, even as two others “indicated that they would not favor adopting a restrictive policy stance in the absence of clear signs of an overheating economy and rising inflation.”.
Fed officials overall expect rates to rise to 3.1 percent next year and 3.4 percent in 2020, just above their 3 cufflinks with initials percent estimate for the long-run “neutral” rate at which borrowing costs are neither braking nor stimulating economic growth, Traders of futures contracts tied to the Fed’s policy rate see rates topping out at about 3 percent, In the minutes, policymakers said estimates of the neutral rate would only be “one among many” factors going into monetary policy decisions..