US stocks edged higher on Wednesday as investors await the release of minutes from the Federal Reserve's last FOMC meeting.
Investors will look for clues on the trajectory of future interest rate hikes. In recent weeks, hot inflationary data has led to ramped-up expectations that the Fed will hike lift by another 50 basis points, at least. And some Fed presidents like James Bullard and Loretta Mester have recently advocated for a return to 50-basis-point rate hikes to combat inflation rather than the last rate hike of 25 basis points. Bullard would like to see the fed funds rate rise to just below 5.5%, compared to its current level of 4.6%.
But Bullard did say he is seeing behavior that could lead to further disinflation. In an interview with CNBC on Wednesday, he pointed to Walmart's latest earnings results and said,"Consumers are trading down and they're benefiting. That sounds like a disinflationary process."
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