Fed Raises Rates to 3.75%-4% in Unanimous Vote, Dow Drops 600 Points
The Federal Open Market Committee's first hike in three years came with a 12-0 vote and a warning that another increase could follow this year.
The Fed's unanimous vote to raise its benchmark rate to a 3.75%-4% range triggered a 600-point Dow decline as Chair Kevin Warsh signaled the central bank is prepared to keep pressing on inflation.
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