Wall St ends lower on uncertainty about Fed's move
NEW YORK (REUTERS) - United States (US) stocks slid for a second consecutive day on Tuesday after comments from a pair of US Federal Reserve officials left investors uncertain about the timing of a possible reduction in its bond-buying program.
Mr Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, told Market News International in an interview that the Fed could begin trimming the size of the stimulus programme as soon as September, but might wait longer if the expected economic growth in the year's second half fails to materialise.
Later in the session, Chicago Fed President Charles Evans echoed the sentiment when he said the central bank will probably decrease the program later this year and could do so as early as next month, depending on the economic data.
Fed officials "are all hedging themselves, which is why the market continues to just be a little bit confused and why it is going to churn," said Mr Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.