U.S. markets erase morning gains and firmly dip into negative range as some Fed members hint at scaling back by June.
05/22/13 - 04:17 PM EDT
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NEW YORK (TheStreet) -- U.S. markets on Wednesday erased morning gains, falling sharply after theFederal Reserve's minutes from its latest policy-making meeting showed that some members are open to scaling back monetary stimulus by June.
The minutes came hours after Fed Chairman Ben Bernanke reiterated his support of current monetary policy and argued that a pull-back in quantitative easing wouldn't be a prudent move.
"A number of participants expressed willingness to adjust the flow of purchases downward as early as the June meeting if the economic information received by that time showed evidence of sufficiently strong and sustained growth," the minutes said. ...More