The much awaited minutes from the Federal Reserve’s July policy meeting were released today as the markets saw choppy trading and ended lower. The minutes offered few clues to the taper time frame but showed continued support for Ben Bernanke’s plan to reduce its bond purchases as long as the economy improves. Treasury yields hit new two-year highs the Fed’s statements. It was reported on Wednesday that previously owned home sales jumped in July to highs not seen since 2009. L Brands (LTD) reported profit that rose 25% in the second quarter and after the bell H-P (HPQ) announced a fiscal Q3 profit as well. The dollar gained against both the euro and the yen. The Indian currency fell even further and hit another record low with the dollar trading at 64.70 rupees.
Word on the Street
- The Fed edges closer to a taper consensus, but timing remains unknown.
- US median income increases but still has a long recovery ahead.
- Target (TGT) reports drop in profit on shopper caution.
- Existing home sales in the US reach a three-year high in July.
- Limited Brands (LTD) earnings per share that were up 25% in Q2.
- Best Buy (BBY) Soars on Earnings.