Stock Market Today: Stocks Fall as Fed Lays Out Tightening Plans

Fed minutes show tentative plan for reducing the central bank's balance sheet, some officials' willingness to raise rates 50 basis points at a time.

Federal Reserve building
(Image credit: Getty Images)

The major U.S. indexes continued to radiate anxiety on Wednesday heading into and after the afternoon release of the Federal Open Market Committee's most recent minutes.

At last month's meeting, Fed officials tentatively agreed to a quantitative tightening plan that would see the central bank sell off $95 billion in assets each month – $60 billion in Treasuries and $35 billion in mortgage-backed securities. Also, several FOMC members said 50-basis-point hikes to the Fed funds rate could be on the table to help curb inflation.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.