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Dow Loses 500 Points After Fed Announces Another Rate Hike

As the Federal Reserve announces a rate change, traders work on the floor at the New York Stock Exchange in New York, Wednesday, June 15, 2022. The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — and signaling more large rate increases to come that would raise the risk of another recession.

At a glance

  • Stocks fell in volatile trading Wednesday after the Fed raised the rate and forecast more sizable rate hikes ahead in its fight against inflation.
  • The Dow Jones Industrial Average lost over 522 points, or 1.7%, while the S&P 500 dropped 1.71%, ending Wednesday’s session down more than 10% in the past month.
  • The Dow at its high was up more than 314 points.
  • This was the central bank’s third consecutive 75-basis-point rate hike over the past four months.

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