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Weak data weighs on bank stocks; Fed rate decision looms

Reuters 

By Yashaswini Swamynathan(Reuters) - U.S. stocks were flat in late morning trade on Wednesday as a set of weak economic data weighed on bank shares, while investors waited for the Federal Reserve to pull the trigger on a second interest rate hike this year. U.S. retail sales recorded their biggest drop in 16 months, while consumer prices fell unexpectedly in May, raising questions about the Fed's ability to further tighten monetary policy. While traders continued to see a more than 93 percent chance for the Fed to raise rates at the end of the two-day meeting on Wednesday, they dialed back ...

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First Published: Wed, June 14 2017. 21:03 IST
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