Stocks dropped after Federal Reserve Chair Jerome Powell said that
higher interest rates than previously expected would be required to combat the worst inflation in decades.
The Federal Reserve increased its key interest rate by three-quarters of a percentage point on Wednesday
the sixth increase of this year and the fourth in a row
of that size.
Fed members hint in a statement that they would delay the pace of increases
the sixth increase of this year and the fourth in a row of that size.
the Fed could need to hold back the economy with high interest rates for some time
before the battle against inflation is over, those gains vanished and equities fell once more.
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