by The Chicago Times Business Staff
October 13, 2021
NEW YORK – The U.S. markets finished mixed Wednesday as traders digested the recent minutes from the Federal Reserve’s recent policy meeting that indicated the central bank will begin tapering its $120 billion monthly bond purchases before the end of the year.
The Dow Jones Industrial Average DJIA fell -0.53 points to end at 34,377.81. The S&P 500 climbed 13.15 points to close at 4,363.80. The Nasdaq ended higher 105.71 points to close at 14,571.64.
Minutes from the Federal Reserve’s September meeting revealed the central bank could begin tapering its emergency asset purchases as early as November or December, indicating that the U.S. economy has recovered significantly from the pandemic’s worst shocks.
Several Fed officials said they would prefer a faster reduction in the central bank’s current $120 billion monthly purchases of Treasury and agency mortgage-backed securities rather than the proposed $15 billion reduction.
The Labor Department reported Wednesday that the consumer price index in the United States rose 0.4 percent in September after rising 0.3 percent in August. The CPI increased 5.4 percent year on year through September after increasing 5.3 percent year on year in August. The majority of the increase was driven by higher food, gasoline, and rent prices.