Wall St ends sharply lower as Powell warns inflation fight continues

 

NEW YORK – Wall Street gyrated to end sharply lower on Wednesday after the U.S.FederalReservedelivered a widely expected 25 basis point policy hike, while hinting that it was on the verge of pausing future increases in view of recent turmoil in the financial sector.

The three major U.S. stock indexes, which were mostly directionless prior to the Fed announcement, jumped higher then deflated as investors digested the accompanying statement and Chair Jerome Powell’s subsequent Q&A session.

closing bell, all three indexes were off more than 1.6 percent.

“The market was encouraged when it heard that the Fed had considered pausing completely and then it was disap…

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