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Federal Reserve officials are still worried that inflation could rise again, which would necessitate more interest rate hikes, according to minutes from the July meeting. Officials were also concerned that the decline of value in commercial real estate could affect banks and other financial institutions, sending ripples throughout the economy.
U.S. markets fell for a second straight day and Treasury yields rose as traders digested hawkish minutes from the Federal Reserve. European markets traded mixed Wednesday. The regional Stoxx 600 index was mostly flat: Media stocks retreated 0.9%, but a 0.9% rise in retail stocks made up for that.
U.K. headline inflation in July dropped to 6.8% year on year, in line with economists' forecast. However, core inflation, which excludes energy, food, alcohol and tobacco prices, remained unchanged from June at 6.9%. Separately, data released Tuesday showed second-quarter wages growing 7.8% year over year, the fastest since records began in 2001.
VinFast shares jumped in their trading debut this week, taking the company's valuation north of $85 billion at one point. That's higher than General Motors' $47.6 billion and Ford's $47.2 billion. Still, the company has yet to make a profit and has faced difficulties delivering vehicles to U.S. customers.
The S&P 500 may have declined in nine of its past 11 sessions. But that's nothing to worry about: We aren't headed for a bear market slump — this is just a garden variety correction. $SPDR S&P 500 ETF(SPY.US$ $Invesco QQQ Trust(QQQ.US$ $S&P 500 Index(.SPX.US$ $Dow Jones Industrial Average(.DJI.US$ $Nasdaq Composite Index(.IXIC.US$
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