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US Stocks in Holding Pattern Until Fed 06/16 09:09

   Stocks were moving between small gains and losses Wednesday as investors 
wait to hear from the Federal Reserve on issues related to economy and 
inflation.

   (AP) -- Stocks were moving between small gains and losses Wednesday as 
investors wait to hear from the Federal Reserve on issues related to economy 
and inflation.

   The S&P 500 index was down less than 0.1% as of 10:00 a.m. Eastern. The Dow 
Jones Industrial Average was down 0.1% and the Nasdaq Composite was up 0.3%.

   The Federal Reserve will end a two-day policy meeting later in the day. 
While investors do not expect the nation's central bank to increase interest 
rates from their near-zero levels, most are looking for some sort of guidance 
from the Fed on inflation.

   Prices for many basic materials have risen sharply this year, including 
copper, oil and lumber, as demand for those materials increases as the U.S. 
economy recovers from the pandemic. Fed officials have previously said they 
expect inflation this year to be temporary and largely as a byproduct of 
economic growth and trillions of dollars of economic stimulus.

   Most economists expect the Fed to say again on Wednesday that it sees higher 
inflation 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 when to start slowing its purchases of bonds.

   The yield on the benchmark 10-year Treasury note fell slightly to 1.49% from 
1.51% the day before.

   In individual stocks, shares of Oracle fell 4% after the company's full-year 
projections came in below analysts' forecasts.

 
 
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