Markets Drop as Fed Hikes Rate Guidance and Lowers Jobless Target - Presented by: The Aol. On Network

Markets closed lower Wednesday after the Fed's policy statement raised the prospect of interest rates rising sooner than expected. The bank announced a $10 billion cut in its monthly bond purchases, as expected. But rate projections were lifted - the median forecast now puts rates at 1 percent by the end of 2015 from 0.75 per cent late last year, and 2.25 percent by 2016. A jobless target of 6.5 percent before rates were hiked, was also dropped.



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As of 5/29/2015, 02:47 PM