Equities close lower as rise in yields overshadows earnings By Reuters

Fed officials have largely been in sync in their public comments about the need to be aggressive in raising rates to tackle inflation. On Wednesday, Federal Reserve Bank of Minneapolis President Neel Kashkari said job market demand remains strong and underlying inflation pressures probably have not peaked yet.

The Fed's"Beige Book" survey of economic activity showed firms noted price pressures remained elevated, although there was some easing in several districts, while the labor market showed some signs of cooling. The U.S. central bank is widely expected to raise rates by 75 basis points for the fourth straight time at its November meeting.

The Fed's effect on the housing market continues to grow. Housing starts, a measure of new residential construction, dropped 8.1% in September in the latest sign of the economy losing steam. The PHLX Housing Index stumbled -4.50%, marking another sector unlikely to help stocks reverse months of declines, with the three main U.S. indexes still mired in bear markets.

Suddenly the schizophrenic stock market remembers

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