Fed minutes raise concerns - New York Report

US STOCKS fell in choppy trading yesterday as minutes from the latest Federal Reserve meeting highlighted concern over the state of the global economy.

This drove markets to question the likelihood that the central bank will interest raise rates next month.

The Dow Jones industrial average fell 162.61 points, or 0.93 per cent, to 17,348.73, the S&P 500 lost 17.31 points, or 0.83 per cent, to 2,079.61 and the Nasdaq Composite dropped 40.30 points, or 0.8 per cent, to 5,019.05.

“It looks like based on commodity prices, China, wages not really picking up, that [Fed officials] are not getting any closer to meeting their inflation target and seems like they’re probably not going to be willing to go in September” with a rate hike, said Don Ellenberger, head of multi-sector strategies at Federated Investors in Pittsburgh.

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