Stock market DIPS after Fed raises interest rates to try and grapple inflation
The U.S. stock market dropped sharply after the Federal Reserve, led by Chair Kevin Warsh, raised its benchmark interest rate by 25 basis points to a target range of 3.75% to 4.00%. This decision marks the central bank's first rate increase in three years. Investors were primarily spooked by hints that officials see inflation as a lingering risk, signaling that more interest rate hikes could follow later this year.
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