Stocks Plunge After Fed Minutes Show Central Bank Could Remove More Stimulus

The stock market tanked on Wednesday after minutes from the Federal Reserve’s most recent meeting showed that the central bank could become more aggressive about removing stimulus and reducing its balance sheet as it looks to combat high levels of inflation.The Dow Jones Industrial Average fell 1.1%, nearly 400 points, while the S&P 500 plunged 1.9% and the Nasdaq Composite 3.3%.

In the latest minutes, the Federal Reserve signaled that it could become even more aggressive about removing stimulus and raising interest rates later this year, depending on how the economic recovery progresses. Investors were particularly spooked by the fact that Fed officials widely agreed that it would be appropriate to start reducing the central bank’s nearly $9 trillion balance sheet some time after the first interest-rate hike.

Strong payrolls data had initially boosted markets earlier in the day, after ADP’s December employment report showedShares of chipmakers and software companies led the market’s declines on Tuesday: Salesforce fell nearly 8%, Adobe 7%, Nvidia 6% and Advanced Micro Devices 6%.thanks to abating concerns around the Covid omicron variant, the sharp drop on Wednesday is a sign of more volatility ahead.

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