The Federal Reserve policy committee took a big hawkish shift on Wednesday, dimming hopes for a quick shift to rate cuts in 2024. Shortly after the Fed released new projections and a statement that held its key rate steady, as expected, the S&P 500 lost ground. The S&P 500's initial reaction often changes after Fed chair Jerome Powell takes to the podium at 2:30 p.m. ET for his postmeeting news conference.
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