- Wall Street's main indexes fell on Wednesday as talks between the White House and Republican representatives on raising the debt ceiling dragged on without a deal.
Stocks held their declines after the release of minutes from the Federal Reserve's May 2-3 meeting, showing that Fed officials"generally agreed" last month that the need for further interest rate increases"had become less certain." The lack of progress on raising the U.S. government's $31.4 trillion debt limit ahead of the June 1 deadline, with several rounds of inconclusive talks, has made investors edgier as the risk of a catastrophic default looms larger.
Negotiators for Democratic President Joe Biden and top congressional Republican Kevin McCarthy reconvened for another round of discussions on Wednesday. "Up until yesterday, investors have been very optimistic around the U.S. debt ceiling resolution," said Angelo Kourkafas, senior investment strategist at Edward Jones."But now as we get closer ... to the June 1st X-date, we are seeing some caution again.”
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