Stock Market Today: Powell Rate Comments Rupture Morning Rally
The stock market on Wednesday weathered the Federal Reserve's suggestion that it would begin raising its benchmark interest rate in March, but it folded when the central bank's chair indicated the Fed could be more aggressive about rate hikes than previously thought.
The Federal Open Market Committee concluded its two-day meeting with an afternoon statement saying that "with inflation well above 2 percent and a strong labor market, the Committee expects it will soon be appropriate to raise the target range for the federal funds rate."
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