Dow tumbles 264 points as the Fed says it's likely to raise interest rates sooner than expected

Jerome Powell holds a news conference in Washington
Reuters
US stocks fell after the Federal Reserve's projections suggested that the central bank will raise its benchmark interest rate two times in 2023.
As expected, the FOMC also elected to hold rates near zero and make no changes to its asset purchase program.
The 10-year Treasury yield rose and gold fell 1.3%.
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US stocks fell and bond yields rose after Federal Reserve