NEW YORK (Reuters) - Wall Street finished lower on Wednesday after the Federal Reserve raised concerns that the U.S. economic recovery from the devastating effects of the pandemic faced a highly uncertain path.

In the minutes of the July Fed meeting, the policy committee said that the swift rebound in employment seen in May and June had likely slowed and that additional “substantial improvement” in the labor market would hinge on a “broad and sustained” reopening of business activity.

The Fed also ruled out for now more dovish monetary policy measures such as yield-curve control.

“The Fed was cautious in the minutes and has been over the last month,” said Mike O’Rourke, chief market strategist, at Jones Trading. “I think the fact that the Fed was not too warm on the yield-curve control and some of the extreme measures investors may have liked to see was a concern.” The Dow Jones Industrial Average closed 85.19 points lower, or 0.31%, to 27,692.88, the S&P 500 lost 14.93 points, or 0.44%, to 3,374.85 and the Nasdaq Composite dropped 64.38 points, or 0.57%, to 11,146.46.

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