U.S. stocks tumbled in volatile trading Wednesday afternoon as the Federal Reserve dealt another outsized interest rate hike in its fight against stubborn inflation.
The U.S. central bank lifted its benchmark policy rate by 0.75% for a third consecutive time, bringing the federal funds rate to a new range of 3.0% to 3.25% — its highest level since 2008 — from a current range between 2.25% and 2.5%.
The S&P 500 and Dow Jones Industrial Average each shed around 1.7%, while the…
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