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.

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The Federal Reserve increased its key interest rate by three-quarters of a percentage point on Wednesday

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the sixth increase of this year and the fourth in a row of that size.

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Fed members hint in a statement that they would delay the pace of increases

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the sixth increase of this year and the fourth in a row of that size.

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the Fed could need to hold back the economy with high interest rates for some time

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before the battle against inflation is over, those gains vanished and equities fell once more.

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