The Dow and the S&P 500 were hovering just below the flat line on Wednesday after the release of the minutes from the most recent FOMC meeting, while the Nasdaq was up 0.2%.

The durability of the US economy justifies an aggressively hawkish approach to bring inflation back to target levels, according to Federal Reserve members,
  
who also agreed that interest rates will need to stay at restrictive levels for a considerable amount of time. The risks of overtightening have, however, been more evenly distributed, 

Which justifies a cautious approach and reduces the likelihood of additional rate rises during the current cycle, 

According to FOMC members. In accordance with the Fed's worries about persistent inflation, 

Earlier statistics revealed that both the headline and core producer prices in the US economy increased more than anticipated.

Exxon Mobil's stock fell more than 4% after the firm announced its agreement to acquire Pioneer Natural Resources for $59.5 billion in an all-stock transaction.

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