Stock Market Suffers After Fed Minutes Suggest Earlier Hikes

The stock market suffered a significant downturn on Wednesday in response to the release of the Federal Reserve's minutes from December

The Federal Reserve building is set against a blue sky in Washington, U.S. on May 1, 2020. Kevin Lamarque/Reuters File Photo

The Federal Reserve has released minutes of its Dec. 14 to 15 meeting, causing the stock market to plummet in response to the revelation that officials are considering implementing earlier interest rate hikes than previously expected.

The document, released on Wednesday, indicates a broad consensus within the Fed that the institution must speed up the proposed rate hikes from previous expectations in order to mitigate inflation.