Wall St inches higher as investors focus on Fed minutes

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Wall Street’s main indexes edged up on Wednesday, a day after their worst performance of the year, as investors awaited minutes from the Federal Reserve’s policy meeting. The minutes are expected to detail the debate at the central bank about the rate hike path, with some members expecting inflation to reach 2% this year. Money market participants expect rates to peak at 5.35% by July and stay around those levels till the end of 2023. Six of the major S&P 500 sectors gained, with consumer discretionary stocks adding 0.4%. Growth stocks like Tesla, Nvidia, Qualcomm, and Amazon.com edged higher as the yield on 10-year U.S. Treasury notes slid from multi-month highs. A Reuters poll analysts expect the S&P 500 index to advance 5% by the end of the year, but high interest rates and inflation have led many strategists to predict a correction within the next three months.

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