A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, March 22, 2023.
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Stocks slipped Wednesday as traders assessed the Federal Reserve’s latest monetary policy move and weighed the central bank’s next moves.
The Dow Jones Industrial Average was down 250 points, or 0.8%, while the S&P 500 slid 0.5%. The Nasdaq Composite dipped 0.3%.
The Fed raised rates by 25 basis points, as was widely expected. In a statement, the Fed’s policymaking committee said it “will closely monitor incoming information and assess the implications for monetary policy.” Additionally, the central bank removed the phrase “ongoing increases” from its statement. The latest Fed projections also called for just one more hike this year.