BOSTON, Jan 6 ― US stocks slid and Treasury yields jumped yesterday after meeting minutes released by the Federal Reserve indicated that it might not only raise interest rates sooner than expected but could also reduce its overall asset holdings to tame high inflation.
“Today's FOMC minutes make clear that discussions about more than three rate hikes and outright quantitative tightening this year are on the table,” Dave Donabedian, chief investment officer for CIBC Private Wealth, US, said in an email. One positive economic indicator yesterday was the ADP National Employment report, which showed private payrolls increased by 807,000 jobs last month, more than double what economists polled by Reuters had forecast.
Citi's target was toward the higher end of other banks, with Morgan Stanley at 4,400 and Goldman Sachs also at 5,100. The dollar fell yesterday but pared losses to a 0.091 per cent dip after the Fed minutes were released.
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