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After minutes from the Federal Reserve's meeting in July revealed that policymakers may be less aggressive than previously believed when they hike interest rates in September, U.S. stocks closed down on Wednesday, with indices experiencing volatility.


After minutes from the Federal Reserve's meeting in July revealed that policymakers may be less aggressive than previously believed when they hike interest rates in September, U.S. stocks closed down on Wednesday, with indices experiencing volatility. Following the release of the minutes, major indices drastically reduced their losses, with the Dow briefly going positive, before resuming their previous lower levels. For the majority of the session, the market was negatively impacted by Target's disappointing earnings as well as mega-cap growth stocks like Amazon.com. Amazon.com experienced a 1.9% decline.

The Fed minutes also demonstrated that decision-makers were determined to hike rates as high as required to manage inflation. To achieve its target range of 2.25% to 2.50%, the Fed has increased its benchmark overnight interest rate by 225 points this year. Following the release of the minutes, traders of futures linked to the Fed's policy rate perceived a September rate increase of half a percentage point as more plausible. According to Peter Cardillo, chief market analyst at Spartan Capital Securities in New York, "They maintained hawkish, but they also opened the door potentially for a half of a percentage point rise in September as opposed to 75."

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