Stocks Fall After Fed Says Rates May Rise More Than Expected

Stocks Fall After Fed Says Rates May Rise More Than Expected
Traders work on the floor at the New York Stock Exchange in New York on Nov. 2, 2022. Seth Wenig/AP Photo
The Associated Press
Updated:

Stocks fell sharply after Federal Reserve Chair Jerome Powell signaled that interest rates may need to go even higher than previously thought in order to tame the worst inflation in decades.

The Fed raised its benchmark rate by three-quarters of a percentage point Wednesday, its fourth consecutive hike of that magnitude and its sixth this year.