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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