The United States stock market failed to take advantage of easing inflation in March, following worrying expectations from the Federal Reserve (Fed) on the country's economy.
The Dow Jones Industrials slipped 0.1% to 33,646.51, while the S&P 500 fell 0.4% to 4,091.96 and the Nasdaq fell 0.89% to 12,848.35.
Minutes from the latest FOMC meeting show that policymakers are predicting a moderate recession later this year in the wake of the recent banking crisis.
The minutes were released hours after US inflation data was published that showed pressure on consumer prices eased last month.
At its lowest since May 2021, inflation rose 5% year-on-year in March from 6% previously.
As a result, the market is placing expectations for a rate hike of 25 basis points by the Fed at next month's policy meeting.
Concerns about a recession caused consumer stocks to slide lower along with retail and tourism stocks.
Tesla and Amazon were among the stocks that received the pressure with their respective losses of 3.4% and 2% when they closed in the New York session.
