Thursday, 6 April 2017

Wall Street falls as Fed minutes reverse earlier rally

Wall Street ended lower on Wednesday after a late-afternoon reversal following signals from the Federal Reserve that it could change its bond investment policy this year, quenching a rally sparked by a strong private-sector jobs report.

Also investor concerns about the Trump administration's ability to deliver promised tax cuts were intensified by comments from law makers on deep divisions in Washington.

Most Federal Reserve policy makers think the US central bank should take steps to begin trimming its USD 4.5 trillion balance sheet this year as long as the economic data holds up, Fed meeting minutes showed.

The minutes also showed "some participants viewed equity prices as quite high relative to standard valuation measures."

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