U.S. stocks slipped from their record heights Tuesday as investors wait to hear whether the Federal Reserve will give any clue about when it may let up on its massive support for markets.
Consumer behavior veered sharply during the pandemic. As COVID-19 restrictions let up in California, we’ll see whether these changes endure, or if they too will fade.
Most economists expect the Fed to say again Wednesday that it sees higher inflation as being only temporary, which would allow it to hold steady on its support for markets. But they also say Wednesday afternoon could offer the first sign that the Fed is mulling over when to start slowing its purchases of bonds.
There are limited signs that inflation may be cooling in some parts of the economy. Lumber and copper prices have dropped from their highs a few weeks ago. Copper sank an additional 4.3% on Tuesday, and miner Freeport-McMoRan’s stock fell 4.8%.
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