Wall Street Dips for Third Session on Fed Uncertainty

U.S. stocks fell for a third straight day on growing uncertainty over when the Federal Reserve may start to wind down its stimulus, which has been a major force behind the run higher in equities this year. Cleveland Fed President Sandra Pianalto says, The Federal Reserve could soon begin reducing the pace of its bond-buying stimulus if recent improvement in the U.S. job market persists Blame it on the Fed -- or investors and their utter dependence on the Fed's stimulus program. Whoever you blame, global markets had a broad selloff overnight and the S&P 500 is limping along today. Atlanta Fed President Dennis Lockhart said the Federal Reserve could begin reducing the size of its bond-buying stimulus program as early as September but might wait longer if economic growth fails to pick up in the second half of the year.
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