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Powell downplays rate hike forecasts as Fed reiterates accommodative stance

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Market Recap: Wednesday, June 16

Stocks fell on Wednesday as investors considered a key monetary policy decision from the Federal Reserve, which reflected more policymakers forecasted interest rate hikes in the next two years. The Dow dropped more than 300 points, or about 1%, just after 2 p.m. in New York before cutting some losses during Federal Reserve Chair Jerome Powell’s press conference . Both the S&P 500 and Nasdaq also declined. Treasury yields surged, and the benchmark 10-year yield broke back above 1.56%. Zor Capital Managing Director Joe Fahmy and Hal Reynolds, Chief Investment Officer, Los Angeles Capital.

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