Wall St. slips as investors assess volatile week

Fed Vice Chairman Stanley Fischer said the United States was heading in the direction of higher rates and that recent economic data had been impressive. Fischer also said the Fed could not wait for the case to be overwhelming to increase rates and that the recent market volatility could settle quickly. Following Fischer's comments, overnight indexed swap rates implied traders now see a 35 percent chance the Fed would raise rates in September, up from 22 percent earlier in the week.