Wall Street Closes Lower After Fed Holds Rates Steady, Warns Of Higher For Longer
<p>Wall Street slumped on Wednesday after the U.S. Federal Reserve held key interest rates unchanged as widely expected, and revised economic projections higher with warnings that the battle against inflation was far from over. All three major U.S. stock indexes retreated in the wake of announcement, with interest rate sensitive megacap stocks Microsoft Corp (MSFT.O), Apple Inc (AAPL.O) and Nvidia Corp (NVDA.O) pulling the Nasdaq down most. The Fed’s announcement was accompanied by its Summary Economic Projections (SEP) and dot plot, which sees an additional 25 basis point rate hike this year, peaking in the 5.50%-5.75% range. The SEP projections also called for 50 basis points […]</p>
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