US stocks trade mixed as Fed minutes show central bank willing to push on with rate hikes to fight inflation
US stocks ended mixed on Wednesday after minutes from the Federal Reserve's last meeting showed that inflation remains a top concern for the central bank as it remains well above its long-term target of 2%.
The minutes indicated that the Fed is highly likely to continue with its tightening, and that some Fed members support 50-basis-point rate hikes rather than the 25-basis-point hike that was implemented earlier this month. "The participants favoring a 50-basis-point increase noted that a larger increase would more quickly bring the target range close to the levels they believed would achieve a sufficiently restrictive stance, taking into account their views of the risks to achieving price stability in a timely way," the minutes said.
Over the past week, Fed Presidents James Bullard and Loretta Mester advocated for a return to 50-basis-point rate hikes. Bullard said he wants to see the fed funds rate rise to just below 5.5%, compared to its current level of 4.6%.
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