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Market Update: Wall Street Slides on Hawkish Fed
All three main US stock indexes lost ground on Wednesday after the Fed sharply raised its inflation forecast for this year and brought forward the time frame on when it will hike interest rates. This change in outlook brought renewed fears that the central bank may have to rein its ultra-easy monetary policy to prevent the US economy from overheating. However, the Fed did not indicate when it will begin cutting back on its aggressive bond-buying program, with Wall Street paring some losses before the close. The sell-off was the most pronounced in economically sensitive sectors that had recently rallied, including materials and industrials. The Dow Jones dropped 266 points or 0.8% to 34,034. The S&P 500 declined 23 points or 0.5% to 4,224. The tech-heavy Nasdaq retreated 33 points or 0.2% to 14,040. [/s2If]
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