Fed tapering rate on expected lines; FOMC outlook, points to fewer cuts ahead, sends Dow Jones plunging 1,123 points

Federal Reserve Chairman Jerome Powell announced a 25 basis point reduction in key US interest rates on Wednesday. However, the Federal Open Market Committee’s outlook was downgraded, suggesting fewer cuts than previously expected, disappointing Wall Street. The Dow Jones Industrial Average crashed 1,123 points, or 2.6 percent, to settle at 42,326.9 after the news. Read on to catch the highlights of the Fed’s last scheduled policy review for 2024.