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US stocks slip as traders wait for Fed meeting minutes

Traders work on the floor of the New York Stock Exchange during morning trading on July 06, 2023 in New York City.
Michael M. Santiago/Getty Images
  • US stocks were lower Wednesday morning ahead of the release of the Fed's latest meeting minutes.

  • Inflation has been falling but is still above the Fed's target, creating doubt about how soon it could pivot.

  • China's economic situation continues to worsen, prompting concerns about global growth.

US stocks were down on Wednesday as traders waited on further indication of how the Federal Reserve is feeling about inflation.

Markets were eyeing the release of the Fed's July meeting minutes, due out Wednesday at 2 p.m. ET. While fed fund futures show that July marked the last rate hike of the cycle, there's still doubt about how soon the Fed could pivot from its aggressive monetary policy given that inflation is still above the central bank's target of 2%. Prices increased 3.2% in July, less than expected but more than the 3% clocked in June.

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Key Treasury yields edged slightly lower. The two-year yield slipped after briefly topping 5%. The 10-year edged lower but is still well above 4%.

China's economic troubles continue to deepen. Its property markets was shaken again this week as real estate developer Country Garden indicated "major uncertainties" that it would be able to make bond payments. Meanwhile, government data reported Tuesday indicated a broad slowdown in economic activity, and the National Bureau of Statistics said it would stop reporting youth unemployment levels, which have been a key data point illustrating the country's slump.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday: 

Here's what else is going on today: 

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil edged slightly higher to $81 a barrel. Brent, the international benchmark, rose 0.1% to $84.99 a barrel.

  • Gold fell 0.1% to $1,932.50 per ounce.

  • The yield on the 10-year Treasury bond ticked up to 4.229%.

  • Bitcoin fell 0.9% to $29,094.

Read the original article on Business Insider