Investors reacted negatively to the Fed’s hawkish tone.
Earlier on Wednesday, a bigger-than-expected drop in producer prices in May due to a decline in the costs of energy goods and food signaled that inflation was cooling. Data a day earlier showed consumer prices moderated last month.
US stocks have rallied in recent weeks, lifting the benchmark S&P 500 and Nasdaq to 14-month highs following signs of economic resilience, a better-than-expected earnings season and bets that interest rates are near their peak. While megacap technology stocks have driven much of the gains this year, economically sensitive small-cap shares as well as material and banking sectors have joined the rally recently.
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