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US STOCKS-Wall Street slips as Fed policy announcement looms

The S&P 500 fell in a choppy session on Tuesday as the index was unable to bounce from a sharp sell-off in the prior session ahead of a key policy statement from the Federal Reserve that will reveal how aggressive the central bank’s policy path will be. Expectations had largely been predicting the Fed would hike by 50 basis points at the conclusion of its meeting on Wednesday. However, expectations that a 75 basis point hike was on the table have been growing after Friday’s higher-than-expected consumer price index (CPI) data for May. In addition, a report from the Wall Street Journal on Monday and forecasts from several banks, including JP Morgan and Goldman Sachs, signaling a 75 basis point hike have strengthened that belief.

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