Shares of industrial and transportation companies fell after minutes from the Federal Reserve's latest meeting hammered home the central bank's determination to keep rates near current levels for the foreseeable future.
While officials continued to think interest rates were high enough to restrain economic activity and bring inflation down, they signaled they were less certain over the degree of policy restriction, according to minutes of the meeting that concluded on May 1.
"'Higher for longer' is the official mantra as the Fed officially acknowledged that inflation is staying more sticky than they would have liked and [acknowleding that, while] they wanted to cut rates, they are not going to be able to do that in the near future," said Chris Zaccarelli, chief investment officer for the Independent Advisor Alliance.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-22-24 1728ET
