Stocks Stumble After Fed Hikes Rates, Signals More to Come

Stocks Stumble After Fed Hikes Rates, Signals More to Come
The New York Stock Exchange in New York on June 29, 2022. Julia Nikhinson/AP Photo
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A bumpy day of trading on Wall Street ended with stocks broadly lower Wednesday after the Federal Reserve raised its benchmark interest rate in its fight against inflation and signaled that more hikes lay ahead.

As expected, the central bank raised its key short-term rate by 0.50 percentage points, marking its seventh hike this year. The Fed also said it expected rates would be higher over the coming few years than it had previously anticipated.