15h ago
Dow drops 1,153 points after Fed holds rates with hawkish split vote, pushing 30-year yields above 5.2%
The Federal Reserve held the federal funds rate steady at 2:10pm, but its post-meeting statement struck a hawkish tone that lifted expectations for further rate hikes. The Dow Jones Industrial Average sank 1,153 points (2.2%), while the S&P 500 fell 113 points (1.5%) and the Nasdaq dropped 434 points (1.7%). The 30-year US Treasury yield moved above 5.2%, its highest level since 2007.
