Overnight trading on Wednesday saw stock futures remain flat following a two day losing streak in major averages. Investors digested Federal Reserve plans to tighten their monetary policy.

The Dow Jones Industrial Average futures fell 30 points. S&P 500 futures inched 0.1% lower and Nasdaq 100 futures were little changed.

Back-to-back sales were as Fed meeting minutes showedOfficials planned to decrease their trillions of bond holdings, with an agreement amount at $95 billion. In the meantime, officials indicated that an additional 50 basis-point increase in interest rates could be necessary to combat inflation.

“The minutes from the latest FOMC meeting portray a higher level of urgency than previous communication as the Fed has circled on a commitment to run the balance sheet down faster than market participants may have expected,” said Charlie Ripley, senior investment strategist at Allianz Investment Management.

Officials were “generally in agreement” that $60 billion worth of Treasurys would be allowed for rolloff and that $35 billion worth of mortgage-backed security will not. These amounts are likely to increase over the next three months, with most likely starting in May. 

On Wednesday, the blue-chip Dow fell more than 100 points, while the S&P 500 slid 1%. Technology-heavy Nasdaq Composite fell another 2.2%, making its losses for the week to 2.6%.

Brian Price, chief of investment management at Commonwealth Financial Network said that it seems like the Fed is talking about raising interest rates by 50 basis point at their next meeting. This message should be well-telegraphed. I expect volatility to remain high for the moment as investors have a lot more uncertainty than they can digest.   

Investors are awaiting Thursday’s weekly jobless claims data, expected to include 200,000 claims.

Shares Levi Strauss & Co. rose more than 1% in extended trading Wednesday after the denim retailer reported its quarterly earnings and revenueThis was above analysts’ expectations.