Investors weighed the latest policy update from the Federal Reserve and new comments from Treasury Secretary Janet Yellen.
"The Fed's vote of confidence in the economy is great news, but it's also a reminder that inflation is still the main issue in policymakers' minds," said Callie Cox, U.S. analyst at eToro. "Investors thought the banking crisis could weigh on growth enough to ease inflation, but the Fed isn't taking any chances. Rates could stay high until we see an obvious deceleration in the job market.
A sharp drop in regional bank stocks also weighed on the market, as well as comments from Treasury Secretary Janet Yellen, who said the U.S. is not currently working on "blanket insurance" for bank deposits, in comments to the U.S. Senate appropriations subcommittee. Traders are looking forward to the weekly jobless claims update at 8:30 a.m. ET. New home sales data will also be released.
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