Key points:
- Dow drops a 10th day in a row
- Fed message sparks stock selloff
- US dollar rises as lonely winner
Investors scrambled for cover Wednesday after Fed boss Jay Powell said the central bank is changing the tune come 2025.
- The Dow Jones Industrial Average
DJI erased more than 1,100 points on Wednesday following the Federal Reserve’s interest rate decision coupled with the central bank’s forward-looking guidance. It was the latter that scared off investors from risk assets. The Fed lowered interest rates by an expected 25-basis-point cut but said the party is just about over — no more than two cuts are projected for next year. - It was the Dow’s tenth straight losing session — a string of losses not seen since 1974 when the 30-stock index logged eleven consecutive days of losses. It was also the second time this year where the Dow wiped out more than 1,000 points from its valuation. Its two…
