US STOCKS-Wall Street drops as Fed brings forward rate-rise forecast

All three main Wall Street indexes dropped on Wednesday in the minutes after the U.S. Federal Reserve published a statement following its latest policy meeting, in which it brought forward its projections for the first post-pandemic interest rate hikes into 2023. The central bank cited an improved health situation.

All three main Wall Street indexes dropped on Wednesday in the minutes after the U.S. Federal Reserve published a statement following its latest policy meeting, in which it brought forward its projections for the first post-pandemic interest rate hikes into 2023.

The central bank cited an improved health situation. It also dropped a longstanding reference that the crisis was weighing on the economy. By 2:07 p.m. EDT, the Dow Jones Industrial Average was down 217.84 points, or 0.64%, at 34,081.49, the S&P 500 lost 23.67 points, or 0.56%, to 4,222.92 and the Nasdaq Composite dropped 72.85 points, or 0.52%, to 14,000.01.

 

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