Wall Street declines, S&P 500 below 4,000

US stock indices declined on Wednesday amid concerns about the Federal Reserve's monetary policies and ahead of its last meeting minutes today. 

Inflation and Rates

Latest inflation data continue to cast a shadow on markets whether stocks, bonds, or currencies. 

Such data showed continued growth in inflationary pressures in the US, paving the way for multiple more rate hikes by the Fed this year. 

Fed member James Bullard said he doesn't rule out a 0.5% rate hike by the Fed at the March meeting.

Goldman Sachs analysts expect 3 more rate hikes this year, at 0.25% a piece, in March, May, and June.

Fed Minutes

The Federal Reserve will released the minutes of its February meeting later today, at which it decided to hike rates by 25 basis points. 

Fed Chair Jerome Powell has recently said that slowing down the pace of rate hikes doesn't mean the battle with inflation is won, asserting the road remains long. 

On trading, Dow Jones fell 0.1%, or 38 points to 33,091, while S&P 500 shed 0.2%, or 9 points to 3,988, as NASDAQ declined 0.2%, or 18 points, to 11,494.