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Dow Jones falls over 700 points after rate hike
Tonight's U.S. stock trading was significantly affected after the Federal Reserve's decision to raise interest rates by 25 basis points to a range of 3.75% to 4.0%, marking the first increase since July 2023. Although the decision was in line with expectations, remarks by Fed Chair Jerome Powell about the continued rise in inflation and the lack of noticeable improvement in price declines heightened concerns about ongoing monetary tightening policies. As a result, the Dow Jones Industrial Average dropped more than 717 points, and stocks in the financial sector declined, while the yield on 10-year Treasury bonds surged above 5%.
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