Stocks turn lower, Treasury yields jump as Fed leaves rates unchanged, signals more hikes in pipeline

Stocks turned lower Wednesday after the Federal Reserve, as expected, left interest rates unchanged but signaled further increases remain in the pipeline. The Fed’s so-called dot plot showed policy makers expect the central bank to lift rates by another 50 basis points before ending the cycle, a more aggressive outlook than bullish investors appeared to pencil in.

The Dow Jones Industrial Average DJIA, -1.13% fell 363 points, or 1.1%, extending a decline. The S&P 500 SPX, -0.57% gave up a small gain to fall 0.6% while the Nasdaq Composite COMP, -0.62% was down 0.7%. Treasury yields jumped following the data, with the 2-year Treasury yield TMUBMUSD02Y, 4.726%, the most sensitive to policy expectations, jumping 20 basis points to 4.765%, according to FactSet.

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