Fed's Hawkish Tone Stirs Placid Market
The Federal Reserve kept interest rates on hold Wednesday afternoon but Chair Jerome Powell and other members of the central bank struck a more hawkish tone than some investors expected, causing markets to wobble.
Stock and bond prices were rising steadily until the midafternoon release from the Fed's open market committee shook confidence that the central bank would cut rates twice later this year. Powell further damped animal spirits with a warning about inflation in his public comments.
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