Update: U.S. Equities Plunge Following Release Of FOMC Statement - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR S&P 500 (ARCA:SPY)

U.S. equities were trading in positive territory ahead of the release of the Federal Reserve's minutes from its December meeting. Heading into the final 30 minutes of trading the

SPDR S&P 500 ETF TrustSPY

was lower by 1.22 percent while the

PowerShares QQQ Trust, Series 1 (ETF)QQQ

was lower by more than 2.50 percent. The Federal Reserve

stated that labor market conditions "improved further even as economic growth slowed" at the end of 2015. Meanwhile, household spending and fixed investments have "been increasing at moderate rates" in recent months while the housing sector has "improved further." However, next exports have been "soft" and inventory investment "slowed." The Federal Reserve added it sees additional decline in under-utilization of labor resources. Inflation continues to "run below" the 2 percent target and reflects declines in energy prices and prices of non-energy imports. The Federal Reserve would be concerned if the inflation runs persistently above or below its target. With that said, the Committee maintained the target range of its federal funds at 0.25 to 0.50 percent. The Committee also reaffirmed its "accommodative" stance but also affirmed that a "gradual" adjustment to monetary policy will happen at a "moderate" pace.

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