us stock benchmarks took a turn lower and losses deepened for the nasdaq composite on wednesday afternoon after minutes from the dec 1415 meeting of the federal open market committee released at 2 pm et indicated that policy makers could tighten financial conditions sooner and faster than market participants had anticipated at the meeting the fed said that it could raise its benchmark interest rate three times this year which the market had already priced in to prepare for rate hikes the central bankers enacted a revised plan to taper asset purchases so they will end completely in march instead of june however market participants started to price in four rate hikes in 2022 and a reduction of the feds balance sheet which combined amount to tightening of what has been easymoney policies since the pandemic took hold in the us in march of 2020 the dow jones industrial average djia was trading 01 lower at 36748 the sp 500 index spx was down 08 to trade at 4755 while the nasdaq composite index comp was trading 19 lower at 15325