NEW YORK ( TheStreet) -- Major U.S. stock markets closed mixed on Wednesday after minutes from the Federal Reserve's June meeting indicated that several policymakers were cozying to the plan of reducing the central bank's asset purchase program.
The minutes said that the committee once again discussed strategies for the gradual normalization of its monetary policy stance and the size and composition of the Fed's balance sheet, with about half advocating an end to purchases in late 2013, which supports the view that tapering could begin this year. However, while most participants said these discussions were a good idea for longer-term planning, "some felt that the discussion was premature" as they needed even more reinforcing evidence that the labor market was truly back on its feet.
"It's not a done deal and there is still July/August labor market data," said Tanweer Akram, senior economist at ING Investment Management. "Provided those are decent numbers around 175,000 to 200,000
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