Markets are spooked by the prospect of more rate hikes as the Fed battles inflation

The Federal Reserve raised interest rates for the first time in three years, initially met with a positive market response. However, stocks fell sharply after Fed Chair Kevin Warsh indicated that inflation remains a significant risk requiring further rate hikes. The Dow Jones Industrial Average dropped 630 points, and bond yields resumed their upward trend. The sell-off accelerated as Warsh concluded his press conference.

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