The U.S. stock market indices closed the week down, with the S&P 500 indicator completing its sixth straight session of decline and falling to its lowest level since November 2020. Investors are waiting for key data from the U.S. Department of Labor on consumer price movements in September, which will be released on Thursday.

U.S. stock index prices remain under pressure due to lingering investor fears that a rapid tightening of monetary policy by the Federal Reserve (Fed) will dampen economic activity and corporate profits. The minutes of the Fed’s September meeting, published Wednesday, showed that the U.S. central bank is expected to continue raising key rates and keep them high until inflation shows signs of slowing.

Meanwhile, some Fed officials believe that in conditions of uncertainty it will be important to adjust the pace of further monetary policy tightening to limit the risk of negative consequences for the economy, the minutes say.

Earlier, Federal Reserve Bank of Cleveland (FRB) President Loretta Mester said during a speech at the Economic Club of New York that the Fed needed to continue raising the benchmark interest rate because there is little progress on inflation. Mester reiterated that she does not expect the Fed to lower its benchmark rate next year. She stressed that that outlook is based on her current understanding of the economy and that she will adjust her views based on incoming economic and financial information.

U.S. producer prices (PPI) rose 8.5% year over year in September and 0.4% over August. Analysts polled by Trading Economics forecast on average an 8.4% growth for the former index and a 0.2% growth for the latter. At the same time, growth in monthly terms was recorded for the first time in three months.

Earlier we reported on whether the U.S. will start a recession by mid-2023.