Wall Street Falls as Fed Hikes Rates
US stocks dropped after the Federal Reserve raised interest rates to combat inflation. Fed Chair Kevin Warsh indicated that further tightening is likely ahead. Meanwhile, oil prices eased and major indexes closed lower.
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United States equities reversed course on Wednesday afternoon, falling after the Federal Reserve raised its benchmark interest rate by 25 basis points. The rate hike is the first in over three years, executed to combat persistent inflation fueled by surging crude oil prices during the regional conflict between Israel and Iran .
