Investing.com -- The S&P 500 closed lower Wednesday, a day after notching a record high as investors digested the minutes from the Federal Reserve May meeting showing concerns about progress on inflation.Participants noted"recent data had not increased their confidence in progress toward 2 percent and, accordingly, had suggested that the disinflation process would likely take longer than previously thought," according to the Federal Reserve’s Apr. 31-May.
"I need to see a few more months of inflation data that looks like it is coming down," said Cleveland Fed President Loretta Mester on Tuesday. Those comments echoed recent remarks from other Fed members including Boston Fed President Susan Collins and Fed Governor Christopher Waller.But the selloff is likely overdone, Wedbush said in Wednesday note, as"hypergrowth internationally can mitigate slower growth at home, while reduced discounting online could be a sign that U.S.
Crude prices fell Wednesday, retreating for the third straight session on U.S. interest rates jitters as well as an unexpected build in U.S. inventories.showed Wednesday that U.S. oil inventories grew by 1.8 million barrels last week, confounding expectations for a 2.4M barrel decline. That raised some concerns over sluggish U.S. oil demand, with the upcoming Memorial Day holiday marking the traditional start of the travel-heavy summer season.
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