US stocks edged lower in later morning trading on Wall Street Wednesday amid expectations of another massive interest rate hike from the Federal Reserve. Markets will be closely watching Fed Chair Jerome Powell’s statement on the central bank’s outlook for how long rates will need to stay high to curb inflation.

The S&P 500 fell 19.97 points or 0.52% to 3,83613 as of 11:41 am Eastern time. The Dow Jones Industrial Average fell 62.14 points or 0.19% to 32,591.06. The Nasdaq Composite fell 103.33 points or 0.95% to 10,787.52. The Russell 2000 fell 1.3%.

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Bond yields stood near multiyear highs. The yield on the 10-year Treasury slipped to 4.04% from 4.05% late Tuesday. The yield on the two-year Treasury slipped to 4.54% from 4.55% from late Tuesday.

The Fed is due to conclude a two-day policy meeting later Wednesday that’s expected to produce the sixth interest rate hike of the year. The widespread expectation is for the central bank to push through another increase that’s three times the usual size or three-quarters of a percentage point.

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Market participants will be listening closely to Powell’s comments as they try to project what the central bank’s next move will be at its final meeting of the year in December.

The path ahead of the Fed depends on whether inflation cools from its hottest levels in four decades. Investors are concerned about inflation squeezing American businesses and consumers while concerns grow that the Fed could bring on a recession by raising the interest rate too high and slowing the economy too much.

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“At the end of the day, the markets like certainty and they don’t have certainty from the Fed,” said Ryan Grabinski, managing director of investment strategy at Strategas, a Baird company.

Powell has warned that the Fed’s fight against inflation would likely come with “some pain.”

Wall Street has been closely reviewing the latest economic data, which is heavy on the employment market this week. The US job market has remained strong despite record-high inflation, which is being taken as a sign that the Fed will have to remain aggressive in its fight against high prices.

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According to the latest jobs data from private payroll company ADP, companies added positions at a greater pace than expected in October. The report comes after hotter-than-expected data from the government Tuesday on job openings.

“It’s sort of confirming that the Fed still has more work to do,” Grabinski said.

The government will release a broader monthly jobs report on Friday. Investors have been closely watching the latest round of company earnings to get a better sense of inflation’s impact on corporate profits and outlooks.

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Drugstore operator CVS gained 4.6% after raising its profit outlook following a strong third quarter. Casino operator Caesars Entertainment surged 5.8% after beating Wall Street’s third-quarter profit and revenue estimates.

Short-term vacation rental marketplace Airbnb tumbled 10.2% after warning investors that bookings growth will slow in the fourth quarter. Beauty products maker Estee Lauder slipped 7.3% after cutting its profit forecast as COVID-19 lockdowns in China and inflation hurt business.