The S&P 500 hit a record 18th of the year on Wednesday, but trading action was otherwise subdued as the minutes of the last Federal Reserve policy meeting seemed to confirm their commitment to a lower interest rate regime as the COVID-hit labor market settles. recovers. . The S&P 500 index SPX,
closed 0.2% at around 4,079 on a provisional basis. The Dow Jones Industrial Average DJIA,
finished less than 0.1% at around 33,446, to mark its third gain in four sessions, while the Nasdaq Composite Index COMP,
beveled less than 0.1% lower to about 13,669. “While participants generally recognized that the medium-term outlook for real GDP growth and employment had improved, participants continued to view the uncertainty surrounding that outlook as lofty,” said the minutes of the March 16-17 meeting of the Fed. The central bank said its “current guidelines for federal fund rates and asset purchases served the economy well.” Projections from Fed members indicate that policymakers will not attempt to normalize rates until 2023 at the earliest, but market segments have pushed back against that idea amid fears that inflation will pick up as the economy improves.