Wall Street stocks tumbled and the dollar rallied on Wednesday after the Federal Reserve lowered borrowing rates again but projected fewer 2025 interest rate cuts in light of lingering inflation concerns.
U.S. indices lurched lower following the 1900 GMT Fed announcement of the actions but fell further during and after Federal Reserve Chair Jerome Powell's news conference.
All 11 sectors dropped in the S&P 500, which finished 3% lower. Meanwhile, the dollar jumped by more than 1% against the euro.
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