Traders work on the floor of the NYSE in New York
US stocks moved lower Wednesday as a Federal Reserve official said more rate hikes are possible
“Further tightening could be warranted,” said Boston Fed President Susan Collins.
The Fed will release is beige book survey of business and economic conditions this afternoon.
US stocks declined Wednesday as Boston Federal Reserve President Susan Collins cautioned that more rate hikes could still be on the table.
The central bank requires more evidence that the war on inflation has indeed been won, though interest rates could be “near or even at the peak,” she said.
“Overall, we are well positioned to proceed cautiously in this uncertain economic environment, recognizing the risks while remaining resolute and data-dependent, with the flexibility to adjust as conditions warrant,” Collins said in a statement, adding that “further tightening could be warranted.”
Meanwhile, the Fed will release is beige book survey of regional business and economic conditions this afternoon, two weeks ahead of its next policy meeting.
Here’s where US indexes stood as the market opened 9:30 a.m. on Wednesday:
Here’s what else is going on:
US gasoline prices hit their highest seasonal level in a decade.Jeremy Grantham sounded the alarm on recession, stocks, inflation, and interest rates.Manchester United shares suffered a worst-ever one-day rout, plunging 18% on a report that the group’s owners won’t sell.Nvidia is a stock bubble and its popping could trigger a broader market crash, Rob Arnott warned.Investors are forgetting the “pain before the pivot,” and failing to see the debt disaster ahead, according to Stephanie Pomboy.Analysts said soaring global oil prices could keep inflation elevated.
In commodities, bonds, and crypto:
Oil prices moved lower, with West Texas Intermediate down 0.29% to $86.43 a barrel. Brent crude, the international benchmark, fell 0.43% to $89.66 a barrel.Gold dropped 0.26% to $1,947.80 per ounce.The 10-year yield ticked lower 1 basis point to 4.256%Bitcoin inched lower 0.11% to $25,682.