Business Highlights: Fed keeps rates unchanged; homeowners face rising insurance rates

Stock market today: Wall Street falls after the Federal Reserve warns rates may stay higher in 2024

NEW YORK — U.S. stocks slumped after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The S&P 500 fell 0.9% Wednesday. The Dow Jones Industrial Average lost 76 points, and the Nasdaq composite sank 1.5%. Treasury yields climbed after the Fed left its main rate steady and indicated one more hike may be coming this year.

The U.S. Food and Drug Administration declined to approve a nasal spray to treat severe allergic reactions, calling for more research on what would have been the first alternative to injections using devices such as an EpiPen. The agency told ARS Pharmaceuticals Inc. of San Diego that the company would have to conduct another study comparing repeat doses of epinephrine using the needle-free device, called neffy, compared to injections.

LONDON — Inflation in Britain fell unexpectedly in August to its lowest level since the start of Russia’s invasion of Ukraine. The Office for National Statistics said Wednesday that inflation was 6.7% in the year to August, down from 6.8% in July. The decline took inflation to its lowest level since February 2022, when Russia’s war led to soaring energy and food prices. The ONS credited the fall to lower hotel and airfare costs and a moderation in food price rises.

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