The Dow Jones Industrials lost 180.65 points to close Wednesday at 34,765.74
The S&P 500 dropped 33.53 points to 4,404.33.
The NASDAQ index ditched 156.42 points, or 1.3%, to 13,474.63.
In the central bank’s July meeting minutes, officials said additional tightening may be necessary to bring down inflation.
The federal funds rate is currently in a range between 5.25% to 5.5%, the highest level in more than 22 years.
Intel fell more than 2% to lead the Dow lower. Communications services and real estate were the worst-performing S&P 500 sectors, losing 0.9% and 0.7%, respectively.
Meanwhile, the backend of the corporate earnings season rolled on. Target shares rose more than 2% even after the retailer cut its full-year outlook. Insurance company Progressive jumped nearly 9%, also on the back of its earnings report.
Prices for the 10-year Treasury staggered, raising yields to 4.27% from Tuesday’s 4.22%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.81 to $79.18 U.S. a barrel.
Gold prices slipped $12.80 to $1,922.40 U.S. an ounce.