Federal Reserve's big rate decision and Powell's press conference updates
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The Federal Reserve is expected to make this announcement.
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That it would increase its benchmark rate by three-quarters of a percentage point on Wednesday afternoon in its latest attempt to tame inflation.
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Investors will listen closely for updates on the central bank's economic outlook and forecast for future rate hikes.
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What's in the Fed's forecast for future interest rate hikes
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The Federal Reserve's "dot plot", its forecast for the path of rate hikes, indicates that the central bank will raise interest rates to 4.6% in 2023 before ending its tightening campaign.
The Fed raised its benchmark interest rate by three-quarters of a percentage point to 3.25% from 3%.
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Stocks slip after Fed announces 75 basis point rate hike
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Key averages gave up their gains and traded lower after the Federal Reserve announced a rise of 0.75 percentage points.
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The Dow Jones Industrial Average fell nearly 240 points shortly after 2 pm.