Stocks down after Fed keep rates steady
Los Angeles — Wall street stocks trended slightly lower on Wednesday following the Federal Reserve’s decision to leave interest rates unchanged at a 22 year high, while signaling future hikes.
The Federal Reserve maintained its interest rate benchmark at 5.25-5.5%, but also kept its projection for one more rate hike later this year.
The expected quarter-point interest rate hike is projected to leave rates at 5.5%-5.75% at the end of the year.
The Dow Jones Industrial Average closed 0.22% down at 34,440.88.
The S&P 500 slid almost 1% to 4,402.20 while the Nasdaq Composite was down nearly 1.5% at 13,469.13.
