Fed raises interest rates, defying Trump | TheHill
Powell also signaled that 2019 would likely see two rate hikes, down from an estimated three in an earlier forecast in September, acknowledging new headwinds for the economy.
The rate hikes and press conference added to another day of volatility on Wall Street. The Dow Jones Industrial Average swung wildly, moving higher ahead of the decision. But the Dow reversed course during Powell’s press conference over the likelihood of raising rates again next year, falling sharply. The Dow closed for the day down 352 points. The S&P 500 fell 1.54 percent to a 15-month low.