Wall Street stocks fell on Wednesday as concerns about the impact of a possible cut in the U.S. Federal Reserve’s monthly bond-buying program kept investors cautious.
Global equity markets got an early boost from Turkey’s central bank, which stunned investors late Tuesday with a dramatic rate hike designed to defend its crumbling currency. But the euphoria quickly faded as the market’s focus shifted to Fed’s decision, due at 2 p.m. ET.
Ahead of the opening bell on Wall Street, South Africa’s Reserve Bank raised interest rates for the first time in nearly six years, in step with other emerging market economies that have tightened monetary policy to shore up their declining currencies.