US stocks tumble after hawkish Fed minutes signal rate rises

June meeting

Minutes from the Federal Reserve’s most recent monetary policy meeting revealed an intent to increase interest rates further, driving a US equities drop.

The Fed opted to pause its streak of interest rate hikes and kept rates at 5-5.25% at its June meeting, which sparked a market rally. But the forward guidance and messaging from the Fed's chair Jerome Powell since has consistently indicated that the central bank was not done increasing rates. Jerome Powell signals further US rate rises to come The minutes provided context for June's pause, with sticky global energy prices and core inflation combined with a tight labour market "underscored the need to raise policy rates further or hold them at sufficiently restrictive levels to brin...