The Federal Reserve on Wednesday delivered a quarter percentage point rate hike, with a unanimous vote from all 12 members of the Federal Open Market Committee. Markets quickly sold off, with the Dow Jones Industrial Average tumbling 631 points and the 2-year Treasury yield rising more than 7 basis points. Fed Chairman Kevin Warsh maintained a hawkish tone on inflation during a 22-minute press conference, emphasizing policymakers’ firm commitment to tackling price increases. Sixteen of 18 FOMC participants expected at least one more rate hike this year. Warsh also firmly rejected political pressure from President Donald Trump, reaffirming the Fed’s independence.
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