Wall Street closes lower on Fed rate hike bets (opens original article in a new tab)

Wall Street closed lower as traders anticipated potential Fed rate hikes following comments from Fed Chair Kevin Warsh about inflation control

• S&P 500 and Nasdaq closed down by more than 1% on Wednesday
• Traders bet on Fed rate hike after Fed Chair Kevin Warsh emphasized inflation control
• New Fed projections showed nine officials expect at least one rate hike by end of 2026