Wall Street Plunges and Oil Spikes 8% as Fed Holds Rates Amid Rare Dissent
U.S. stocks closed sharply lower after the Federal Reserve left its benchmark interest rate unchanged in a 3.50% to 3.75% range, following a 9-3 Federal Open Market Committee vote that included three dissents favoring a quarter-point hike, the most in about a decade. In a press conference after the second policy meeting under Chair Kevin Warsh, the Fed reiterated its goal of returning inflation, currently 3.5% year-on-year in June, to 2%. At the same time, Brent crude oil futures jumped nearly 8% to $90.74 per barrel on escalating Middle East tensions, while long-term U.S. Treasury yields climbed sharply and major equity indices fell more than 1.5%.
Prepared by Christopher Adams and reviewed by editorial team.
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Wall Street Plunges and Oil Spikes 8% as Fed Holds Rates Amid Rare Dissent
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