FOMC minutes posed no surprises, confirming that policymakers were disappointed that inflation failed to cool in the first quarter and that actual US activity was stronger than expected. The implication that the path to lower rates would take longer than expected may have limited significance for the June FOMC which will turn on the direction of inflation and the strength of the economy in the latest data for May.

Existing home sales were the key new data released in Wednesday's session, coming in on the low side of expectations and indicating that the housing market continues to be held down by high prices and high mortgage rates. Econoday's Relative Performance Index for the US remains in the red, at minus 24 to indicate recent data on net are coming in below forecasts.

Stocks were mixed in the session with the Dow falling 0.7 percent but the Nasdaq gaining 0.2 percent.

Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.

Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.