Wall St falls after Fed minutes yield few clues
NEW YORK (REUTERS) - The United States (US) stocks ended lower in choppy trading on Wednesday after minutes from the US Federal Reserve's July meeting offered few clues on the timing of a reduction in its bond-buying programme.
Minutes from the meeting showed almost all the policymakers on the central bank's Federal Open Market Committee agreed that a change to the stimulus was not yet appropriate, and only a few thought it would soon be time to "slow somewhat" the pace of the stimulus policy.
"The minutes didn't tell us much. It tells us that like everybody else the Fed is confused and they are not getting any clear signals from the economy. That is what you see in an economy bumbling along at 2 per cent," said Mr Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank in San Francisco.
The release of the minutes in midafternoon sparked volatility in equity markets, as the major indexes fluctuated between session lows and highs in the final hours of trading.