Markets: News  

The major averages jostled around, but ultimately stand modestly higher following the release of the FOMC's May policy meeting minutes. The benchmark S&P 500 (+0.69%) is firmly in second place.Interestingly, most participants judged that 50 basis point increases in the target range would likely be appropriate at the next couple of meetings.In addition, many participants judged that expediting the removal of policy accommodation would leave the Committee well positioned later this year to assess the effects of policy firming and the extent to which economic developments warranted policy adjustments.Among other key excerpts from the minutes, a number of participants observed that recent monthly data might suggest that overall price pressures may no longer be worsening. Also, all participants supported plans to reduce the size of the balance sheet.