Stocks turned lower Wednesday after the Federal Reserve, as expected, left interest rates unchanged but signaled further increases remain in the pipeline. The Fed’s so-called dot plot showed policy makers expect the central bank to lift rates by another 50 basis points before ending the cycle, a more aggressive outlook than bullish investors appeared to pencil in. The Dow Jones Industrial Average DJIA fell 363 points, or 1.1%, extending a decline. The S&P 500 SPX gave up a small gain to fall 0.6% while the Nasdaq Composite COMP was down 0.7%. Treasury yields jumped following the data, with the 2-year Treasury yield BX:TMUBMUSD02Y , the most sensitive to policy expectations, jumping 20 basis points to 4.765%, according to FactSet.
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