US stocks ended lower after minutes from the Federal Reserve's March policy meeting revealed concern among several members of the Federal Open Markets Committee regarding the regional bank liquidity crisis
followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month."The minutes were clear that there's ongoing Fed concern with respect to the banking crisis as well as elevated prices," said Greg Bassuk, chief executive officer of AXS Investments in New York.
However, core CPI - which strips out volatile food and energy items - hit the consensus bull's eye, and remains well above the Fed's average annual 2% target rate."This week is an inflection point as investors are searching for surer footing in advance of corporate earnings and the PPI report coming out tomorrow," Bassuk said.
" data has been very mixed so investors are overacting to any positive or negative hint of Fed rate hike policy. Volatility will continue, investors will have to buckle their seatbelts. There's so much going on now causing uncertainty for both Wall Street and Main Street."
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